The post Reserve Bank of India Advances Cross-Border Payments appeared on BitcoinEthereumNews.com.

Governments across the globe are ramping up their initiatives to regulate the expanding cryptocurrency sector, with a particular emphasis on improving tax transparency and simplifying cross-border transactions.  In Australia, for instance, the Treasury Department is actively seeking public feedback on the potential adoption of the OECD’s Crypto-Asset Reporting Framework (CARF). This move aims to combat tax evasion and ensure that cryptocurrency transactions are properly reported and taxed.  Meanwhile, in India, the government is making strides to enhance its cross-border payments platform, which may include the integration of central bank digital currencies (CBDCs). This integration is expected to significantly boost the efficiency of transactions, making it easier for individuals and businesses to engage in international trade and financial activities in a secure and regulated environment. RBI Expands Cross-Border Payment Platform with Focus on CBDC Integration The Reserve Bank of India (RBI) is intensifying its efforts to modernize cross-border payment systems by incorporating new trading partners in Asia and the Middle East. Aiming to enhance the efficiency of international transactions, the initiative will allow instant settlements and position India as a key player in the evolving global payments landscape. According to a report by Bloomberg, the RBI’s cross-border payment platform already includes agreements with Sri Lanka, Bhutan, and Nepal. The central bank is now working to bring the United Arab Emirates (UAE) into its fold, signaling India’s ambition to strengthen economic ties with the Middle East. The platform represents a shift towards more streamlined financial processes, reducing the time and cost associated with traditional methods of international payments. This initiative aligns with global trends aimed at improving the speed, accessibility, and security of cross-border transactions. The Role of CBDCs in India’s Vision India is also exploring the use of central bank digital currencies (CBDCs) as a core settlement mechanism for its cross-border…

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Filed under: News - @ November 25, 2024 5:31 am