CBDC Pilot Project Results Promising: RBI

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MUMBAI: The results of the experimental projects undertaken for the expansion of Central Bank Digital Currency (CBDC) in the country are looking promising, said Reserve Bank of India (RBI) Governor Shaktikanta Das.

CBDCs can play an important role in facilitating cross-border payments. It has been almost a year since the pilot project of CBDC was launched.

The response it has received during this period has exceeded our expectations. We are confident that CBDC can be an effective and efficient medium for cross-border payments, especially in international transactions.

The governor also said that lakhs of customers have joined the pilot project and most of the big banks have joined it.

Das said, quoting figures from the World Bank and other agencies, that remittances still cost an average of six percent. He was speaking at a program held recently.

He emphasized that in today's technological era, it is necessary to reduce the cost of remittances.

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