Key Points
The Indian central banker said the right infrastructure and liquidity are possible regardless of the currency involved and efficiency can be improved. India began its efforts to internationalise the rupee last year with 18 countries opening rupee accounts.AP..
A handful of currencies currently dominate global finance, and there is a need for de-risking by diversifying the international currency system by adopting liquid currencies, Reserve Bank Deputy Governor T Rabi Sankar said on Thursday..
Speaking at the launch of a hackathon event organised as part of India's G-20 presidency, Sankar also appealed that central bank digital currencies (CBDCs) should be adopted more by other countries as well, terming the fiat digital currency as essential for maintaining financial integrity...
"It would probably, therefore, be in the interest of international currency system to have a little more diversified liquid currencies, which could...have the additional benefit of de-risking the global financial systems, instead of a dependence only a few, depend on more," Sankar said...
The Indian central banker said there is a need for wider adoption of CBDC, and appealed to peers from across the world to ensure that private virtual currencies like Bitcoins are not allowed to grow and any digital currency adoption is limited to the fiat currencies or the ones issued by monetary authorities...
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