Courtesy: Gateway House
India’s proposal to link the digital currencies of the BRICS nations could alter how emerging economies settle trade deals. It is necessary to examine the reasoning behind such a move, its effort to reducing dollar dependence, and the benefits that accrue to India.
On Dec 1, the Reserve Bank of India introduced the Indian Digital Rupee-R (retail) on a pilot basis with four participating banks. Reserve Bank historian and former central banker Bazil Shaikh explains what a digital rupee is vis a vis traditional money, the advantages and concerns, and its future in cross-border transactions.
