Close Menu
Invest Intellect
    Facebook X (Twitter) Instagram
    Invest Intellect
    Facebook X (Twitter) Instagram Pinterest
    • Home
    • Commodities
    • Cryptocurrency
    • Fintech
    • Investments
    • Precious Metal
    • Property
    • Stock Market
    Invest Intellect
    Home»Cryptocurrency»India test cross -border payments with digital rupees – Odd News
    Cryptocurrency

    India test cross -border payments with digital rupees – Odd News

    June 7, 20252 Mins Read


    India is taking serious steps in the development of its Digital Central Bank Munt (CBDC), the digital rupid. According to CNBC, the Central Bank, the Bank of India (RBI) reserve wants to test new functionalities, including applications for cross -border payments.

    International ambitions

    A CBDC is a digital asset issued by a central bank. More and more countries are busy with such currencies, and so do India. The advantage of a digital rupid compared to the traditional rupid is the use of blockchain. This makes transactions with a CBDC, in this case the digital rupid, much faster, more transparent, cheaper and more reliable.

    India is currently mainly looking at the use of such a CBDC for international payments. According to the annual RBI report, the Central Bank is currently actively working on pilots for such international payments. This is done with foreign partners, which indicates that India wants to use its digital currency not only nationally, but also internationally.

    The project is still in an experimental phase, but in the long term the initiative can mean an important step towards international adoption of digital rupees.

    The pilot for the Wholesale version of the e-coupie started in November 2022, followed by a retail version in December of the same year. The new test projects will probably build on the results from these earlier phases.

    Growth in use, but low adoption

    The value of the digital rupee in circulation increased sharply last year. Whereas in the 2024 financial year converted around 28.1 million dollars in circulation, this increased to more than 122.1 million dollars in the 2025 financial year. This is an increase of 334 percent on an annual basis.

    Nevertheless, the adoption with the general public is slow. Only after local banks started paying out salaries in digital rupees and entered other incentive measures, the milestone of 1 million retail transactions was reached. The original ambition of the RBI to realize at least 1 million transactions by the end of 2023 has not been achieved.

    Although the digital rupid shows large growth rates, there are doubts about the actual adoption. Without incentive measures, interest among consumers and companies seems limited. This raises questions about the support for the long -term initiative. The cross -border test pilots could breathe new life into the project, especially if India manages to set up collaborations with other central banks.

    Source: https://newsbit.nl/india-test-grensoverschrijdende-betalingen-met-digitale-roepie/



    Source link

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

    Related Posts

    Cryptocurrency News Live: Bitcoin, Ethereum, Solana prices today; check other tokens, memecoin updates

    Cryptocurrency

    1 Standout Cryptocurrency to Buy Before It Rockets 1,900% Higher by 2030, According to Cathie Wood’s Ark Invest

    Cryptocurrency

    The White House to release the ‘Bible’ of cryptocurrency?

    Cryptocurrency

    Cryptocurrency Live News & Updates : Shiba Inu Faces $100M Open Interest Decline

    Cryptocurrency

    Cryptocurrency Live News & Updates : Dow Jones Gains as Fed Holds Rates Steady

    Cryptocurrency

    XRP price could rebound toward $3.66 record high ahead US crypto policy report

    Cryptocurrency
    Leave A Reply Cancel Reply

    Top Picks
    Investments

    Charter Hall augmente encore sa participation dans Hotel Property Investments -Le 10 janvier 2025 à 01:26

    Commodities

    Latest Economy News Today on August 19, 2024 Live Updates: Exports of key commodities fall in April-July amid rising trade deficit

    Investments

    Indians shift to gold investments as local equities founder

    Editors Picks

    Record Agricultural Production in 2024-25: Ministry of Agriculture Releases Second Advance Estimates

    March 10, 2025

    Fund Green Energy Projects with Tax Exempt Bonds, Credits: CLA

    August 8, 2024

    Tribe Property Technologies boucle une levée de fonds publique de 5,75 millions de dollars

    July 7, 2025

    What Is Bitcoin and How Does It Work?

    April 20, 2025
    What's Hot

    Argentina’s Javier Milei faces fraud allegations over cryptocurrency post – Al Jazeera English

    February 18, 2025

    Italy’s Treasury Moves To Buy Back Bonds And Drive Economic Changes

    July 17, 2024

    Property preservation firm MCS sees reverse channel as a growth opportunity

    October 29, 2024
    Our Picks

    From Bitcoin to ETFs, A Beginner’s Guide To Starting Smart

    May 26, 2025

    CPI Property Group lance une offre d’échange de titres subordonnés

    June 12, 2025

    Lake Jackson utility rates expected to increase | News

    July 19, 2024
    Weekly Top

    Ozzy Osbourne superfan ‘thought it was a prank’ when heavy metal legend died

    July 30, 2025

    Lock a job by 46 or risk forced retirement: HR insider reveals brutal hiring reality

    July 30, 2025

    China’s central bank mandates reporting for cash purchases of precious metals valued at 100,000 yuan or more, starting August 1

    July 30, 2025
    Editor's Pick

    A Game-Changer for Crypto Ecosystem

    August 16, 2024

    Tribune | Réglementation immobilière 2025 : les nouvelles normes comme levier de professionnalisation

    July 2, 2025

    The Housing Market And Inflation

    July 11, 2024
    © 2025 Invest Intellect
    • Contact us
    • Privacy Policy
    • Terms and Conditions

    Type above and press Enter to search. Press Esc to cancel.