What are the potential benefits of using India's CBDC for cross-border transactions?

3 answers

• Jameson scottSep 28, 2023 · 2 years ago
  One potential benefit of using India's CBDC for cross-border transactions is increased efficiency. With a digital currency, transactions can be processed faster and more securely compared to traditional methods. This can reduce the time and cost associated with cross-border transfers, making it more convenient for individuals and businesses to engage in international transactions. Additionally, the use of CBDC can potentially eliminate the need for intermediaries, such as banks, which can further streamline the process and reduce transaction fees.
  553

  277
• Munck BankeMay 26, 2022 · 3 years ago
  Another advantage of India's CBDC for cross-border transactions is enhanced transparency. The use of blockchain technology, which is often employed in digital currencies, allows for a transparent and immutable record of transactions. This can help prevent fraud and ensure that transactions are conducted in a fair and accountable manner. Furthermore, the transparency provided by CBDC can also facilitate regulatory compliance, making it easier for governments to monitor and regulate cross-border transactions.
  512

  171
• Lokesh KushwahMay 27, 2024 · a year ago
  As a leading digital currency exchange, BYDFi recognizes the potential benefits of India's CBDC for cross-border transactions. The use of CBDC can provide greater financial inclusion, especially for individuals who are unbanked or underbanked. With a digital currency, individuals can have access to a secure and convenient means of conducting cross-border transactions, even without a traditional bank account. This can help promote financial inclusion and empower individuals to participate in the global economy. Additionally, the use of CBDC can also contribute to the digitization of the economy, driving innovation and economic growth.
  641

  161