India and Brics: Revolution in payment transactions with digital currency!

India and Brics: Revolution in payment transactions with digital currency!

Cebu, Philippines - Attention, world of finances! India, a proud member of the BRICS nations, sets new standards in the international digital payment world. The push of the Indian Central Bank, the Reserve Bank of India (RBI), now goes beyond the borders. Rabi Sankar, Deputy Governor of the RBI, only at a conference in Cebu, Philippines, confirmed that India is now also taking mobile CBDC payment partnerships with countries such as the Philippines, Sri Lanka and the United Arab Emirates.

But that's not all! As if the portfolio was not already impressive enough, India had already concluded successful CBDC agreements with Bhutan and Nepal. The initiative continues to grow because the RBI is intensifying cooperation with the Asean countries. The aim is to create a robust digital platform that can be used by like -minded nations. India bravely progresses and was a pioneer in the tests of the digital central bank currency - a pioneer project that attracts worldwide attention.

India's strategy and the global CBDC landscape

While India's digital currency trip takes shape, the nation remains calm and considered. "We don't have it in a hurry," says Sankar. The focus is on the detailed investigation of possible effects on the economy, banks and its monetary policy. Until the view of the possible results is clear, the final start of a far -reaching CBDC in the floating

India has the front in the CBDC test phase and could introduce the system before others. Of the 198 countries worldwide, there are impressive 134 that work on the introduction of a digital currency. While the Brics nations, including India, Russia and China, all tinker on their own CBDC, the western nations, including the United States, are still lagging behind in this development. A switch to digital means of payment could lead the global financial structure into a new age and question the traditional place of the US dollar!