Digital currency to reduce time, cost for cross-border transactions

Digital currency to reduce time, cost for cross-border transactions: RBI Deputy Governor, T Rabi Sankar has announced that, government will launch Central bank digital currency (CBDC) by the end of 2022.

September 2022 Current Affairs Quiz

The RBI will launch digital currency on a pilot basis in 2022. In Budget for 2022-23, the finance minister had said the RBI would roll out a digital equivalent to the rupee.

Benefit: CBDC could become a tool for reducing time and cost for cross-border transactions.

Data Security Issue: They are keep working on it on a continuous basis.