RBI’s Cross-Border CBDC Pilot: Strategic Stakes in India’s Digital Currency Future
RBI explores CBDC pilot for cross-border transactions, aiming to modernize India's financial infrastructure and enhance efficiency.
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A central bank digital currency (CBDC) is a digital version of an official currency, created by a central bank rather than by private companies. Unlike cryptocurrencies such as Bitcoin, CBDCs are issued by a state and may work alongside physical cash. As of 2024, the Bahamas, Jamaica, and Nigeria have launched CBDCs, and 134 countries are researching their own versions while other jurisdictions, such as Florida, have banned CBDCs citing privacy concerns.
A central bank digital currency (CBDC) is a digital version of an official currency, created by a central bank rather than by private companies. Unlike cryptocurrencies such as Bitcoin, CBDCs are issued by a state and may work alongside physical cash. As of 2024, the Bahamas, Jamaica, and Nigeria have launched CBDCs, and 134 countries are researching their own versions while other jurisdictions, such as Florida, have banned CBDCs citing privacy concerns.
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