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Mustafa Mulla
Mustafa Mulla
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Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.
- Dec 11, 2024 10:16 UTC
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Crypto News India: Digital Rupee to Transform Payments, Says Outgoing RBI Governor
Outgoing RBI Governor envisions CBDCs replacing paper money for efficient transactions.
Shaktikanta Das calls for careful phased rollout after sufficient research and user data.
Digital rupee expansion targets instant settlements with Asian and Middle Eastern partners.
India is stepping into a new era of finance with the introduction of the digital rupee, a Central Bank Digital Currency (CBDC). Retiring Reserve Bank of India (RBI) Governor Shaktikanta Das recently shared his vision for this groundbreaking currency and how it could reshape the country’s economy.
A Vision for Change
In his farewell speech on December 10, Das spoke about the digital rupee’s potential to revolutionize payments in India. He explained that it could reduce dependence on paper money and make transactions faster and more efficient.
“The RBI, among the central banks, is a pioneer,” Das said, highlighting the institution’s leadership in CBDC development.
India has already taken significant steps toward adopting the digital rupee. The RBI has launched pilot projects, placing India ahead of many countries still in the testing phase. These pilots mark India as a global leader in exploring the possibilities of CBDCs.
Careful and Steady Rollout
Das thinks CBDCs could be very helpful, not only for payments in India but also for transactions between cWhile Das expressed excitement about the digital rupee’s future, he emphasized the need for a slow and steady rollout. He stressed the importance of conducting more research to ensure the currency integrates smoothly into the economy.
Beyond its use in domestic payments, Das also highlighted the digital rupee’s potential for international transactions. He pointed out that India’s payment platform already supports countries like Sri Lanka, Bhutan, and Nepal, laying the groundwork for cross-border CBDC adoption.
New Leadership, New Challenges
As Sanjay Malhotra steps in as the new RBI governor, markets are watching closely to see how he navigates India’s financial challenges. With inflation and economic growth at the forefront, Malhotra’s decisions will play a crucial role in shaping the digital rupee’s future and driving India’s financial transformation.
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Under strong leadership and with careful planning, the digital rupee has the potential to revolutionize the way India—and eventually the world—handles payments and transactions.
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