🐘India🇮🇳: Central Bank Proposes a "Plug-and-Play" Payment System.🤓

🐘India🇮🇳: Central Bank Proposes a "Plug-and-Play" Payment System.🤓

The interoperability of cross-border payments will be optimized based on the ready-to-use CBDC framework.

➡️ And here comes the geopolitics: The Governor of the Reserve Bank of India emphasized that this approach *“preserves the sovereignty of the respective countries”*. The drive for more efficient cross-border payments has consistently been on the agenda of the G20 and the “Committee on Payments and Market Infrastructures” (CPMI).

➡️ Moreover, an outdated payment systems in one country must be able to interact with the CBDCs of more advanced countries.

➡️ India itself has enough of its own developments to lead such a project and implement a new system.

➡️ The country's Department of Economics is preparing a consultation paper on cryptocurrency legislation, which is expected to be published in September or October.

➡️ …Meanwhile, on crypto exchanges: India's largest exchange WazirX was hacked for USD 230 million. Meanwhile, Binance seems to have resumed operations in the country after paying a settlement of USD 2.2 million.

#news #crypto #India

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