Statements by Shaktikanta Das were made at the G20 TechSprint event dedicated to technological solutions for cross-border payments. The meeting was organized by RBI and the Bank for International Settlements (BIS). Das urged regulators and legislators of participating countries to pay more attention to the introduction of state stablecoins.
Das noted that many countries are at the initial stage of testing CBDC, so it makes sense to create a technology platform that is compatible with different digital currencies of the Central Bank. This will be of great benefit to the development of the international payments ecosystem. With the instant settlement feature, CBDCs will make cross-border payments cheaper, faster and more secure, the RBI governor said.
Despite the progress made, high transaction fees, slow payment speeds and lack of transparency remain the main challenges in international payments and settlements. These tasks can be solved by the digital currencies of central banks – they will contribute to economic growth, develop international trade and increase the population’s access to financial services, Das is sure.
The RBI governor added that the central bank is expanding its digital rupee pilot projects to include more cities, banks and ordinary users. Recently, the administration of the Central Bank of India set the task of bringing the number of transactions in the digital rupee to one million per day.
Source: Bits
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