Key Points
Central Bank Digital Currency (CBDC) or e-rupee can help halve the cost of cross-border remittances to 2-3 per cent, an official said on Friday..
Economic Affairs Secretary in the Finance Ministry Ajay Seth said CBDC can be used for trade, remittances, or any other cross-border payment...
"At the moment, cross-border payment is not a very efficient system, it takes time..
At the same time, there is cost factor," Seth said.. Giving data, he said remittances to India is around USD 100 billion annually and compared to the global level of 8-9 per cent, the cost in India is low at 5 per cent of each transaction value...
"So, for cross-border payments, CBDC can be very effective to bring down cost further to the range of 2-3 per cent," the Secretary said at the Ficci Annual Convention here...
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