all country currency convert to indian rupees

Broadly, Russia has been cut off from international payment systems. With sanctions by Western countries on Russia after it invaded Ukraine over a year ago, trading with Moscow has become a difficult proposition.

India's CBDC a game changerĪmong the several benefits of the CBDC, one of them is that it can be cross-linked to make payments in rupees, something the Indian government has been exploring with Russia as it looks to buy discounted oil. The pilot project seems a success as India is now seeking cross-border cooperation to enhance the use of CBDC mutually with other countries.

It's a matter of great pride for India that the Reserve Bank of India (RBI) has already tested its digital rupee with merchants in the country.

India has been leading the innovation in payment technology with its Unified Payment Interface (UPI) technology and now the focus is on the digital rupee. A country's digital currency, the Central Bank Digital Currency ( CBDC), is different from cryptocurrencies, although the workings are similar.

All country currency convert to indian rupees