CBDC can fix cross-border payment problems: RBI Governor Shaktikanta Das

Reserve Bank of India (RBI) Governor Shaktikanta Das on Monday flagged the issue of high costs and low speed associated with cross-border payments and said the central bank digital currency (CBDC) instant-settlement feature could play an important role in addressing those issues.

“Notwithstanding the progress made so far, the key challenges to existing cross-border payments continue to be high cost, low speed, limited access, and insufficient transparency,” Das said in his keynote address at the G20 TechSprint Finale organised by RBI and Bank for International Settlements (BIS).