"CBDC-Cross Border Payments"

Abstract

The present state-of-the-art Payment Systems of India are: ~ Affordable. ~ Accessible. ~ Convenient. ~ Efficient. ~ Safe and ~ Secure and are a matter of Pride for the Nation. However, 'Cross Border Payments' is an Area particularly suitable for Change and could benefit from New Technologies available in the Country. As per the World Bank, India is the World's Largest Receiver of Remittances as it received $87 Billion in 2021 with 'United States' being Biggest Source, Accounting for over 20 percent of these funds. The Cost of sending Remittances to India, assumes critical significance, especially in view of the Large Indian Migration Spread Across the World and from the point of view of the Potential (mis) use of Informal / Illegal Channels. Abbreviations: BIS=Bank for International Settlements. CBDC=Central Bank Digital Currency. CPMI=Committee on Payments and Market Infrastructures. G20=The Group of Twenty (G20) Comprises 19 Countries (Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Türkiye, United Kingdom and United States) and the European Union.