Shaktikanta Das, RBI Governor, emphasized the importance of interoperability between traditional systems and CBDCs.
India steps in to enhance their cross-border payments by introducing a plug-and-play system.
India is taking significant steps toward enhancing cross-border payment efficiency by proposing a plug-and-play system for Central Bank Digital Currencies (CBDCs).
Shaktikanta Das, Reserve Bank of India (RBI) Governor, emphasized the importance of interoperability in cross-border payments. Recently, Das highlighted that interoperability should be a key design element to maximize efficiency in cross-border transactions. The challenge is that different countries may design their payment systems according to their domestic needs.
To address this, Das suggested the creation of a plug-and-play system that could be easily replicated across borders while still allowing countries to maintain their financial sovereignty.
India is already making progress, aiming to improve
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