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Shaktikanta Das highlighted key aspects of the three problem statements identified for the 2023 Tech Sprint - illicit finance risks, foreign exchange and technology solutions for currency settlement and technology solutions for multilateral cross-border CBDC platforms.
Reserve Bank of India (RBI) Governor Shaktikanta Das highlighted the challenges of cross-border payments, including high costs and limited access. He suggested that Central Bank Digital Currency (CBDC) could make these payments cheaper, faster, and more secure. Das emphasized the need for solutions and technologies to enable smooth operations between countries and reduce costs.
The use of local currencies in cross-border payments can help shield the emerging markets and developing economies (EMDEs) from global shocks and protect them against exchange rate fluctuations, Reserve Bank of India (RBI) Governor Shaktikanta ...
In our pursuit of innovation, we must also recognise that technology is often accompanied by risks relating to market integrity, conduct, data privacy, security and ethics. Innovation must, therefore, be accompanied by a commitment to responsible innovation—a pledge to balance progress with accountability; disruption with safeguards and growth with ethics