Digital Rupee: Payment can be made with digital rupee in foreign countries also, RBI gave information

RBI Digital Currency: The Reserve Bank of India has given information about the use of digital rupee for payments abroad. Now using 'Project Dunbar' under the leadership of BIS i.e. Bank of International Settlements, it will be possible to use digital rupee for global payments. This digital currency has been developed by RBI.

Global transactions made easy

This issue was raised by the Deputy Governor of RBI in the meeting of Governors of South Asian countries held in Mumbai last week. He said that global transactions can be easily done with digital rupee. For this, banks of many other South Asian countries including India are working on CBDC project (Cross Border Digital Currency). CBDC projects are also being tested in some of these countries. Philippines' Bangko Sentral ng Pilipinas is looking to tackle the industry's challenges under 'Project Agila', Singapore's 'Project Ubin' for digital currency. Apart from this, Bank Indonesia, Central Bank of Malaysia and Monetary Authority of Singapore are associated with this Project Dunbar.

CBDC projects are working in these countries

The central banks of Sri Lanka, Thailand, South Korea, Cambodia, Hong Kong, India, Myanmar, Lao PDR, Nepal and Vietnam are working on CBDC projects. Two prototype platforms have been developed under Project Dunbar of BIS. This platform can enable international payments using digital currencies issued by various central banks.