India Initiates Negotiations with 18 Countries for Use of its CBDC
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The Reserve Bank of India (RBI), the country's central bank, is mulling cross-border payments using its digital rupee with at least 18 countries.

According to The Economic Times, RBI chief Shaktikanta Das has stressed the importance of foreign trade infrastructure for the CBDC. He predicts that by July the number of users of the central bank's digital currency within the country should reach 1 million.

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He has added:

"Cross-border payments will also become much quicker, more seamless and very cost-effective. That is another area where a lot of attention needs to be given."

According to a report by the Reserve Bank of India, more than 18 countries have opened rupee digital accounts since 2022.

India's central bank plans to use a new funding solution to pay for imported goods for countries that are experiencing difficulties with US supplies due to dollar shortages.

According to Das, India itself does not need the US currency. On the contrary, the introduction of a CBDC will help the country maintain dollar reserves.

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