Mumbai:
Reserve Bank of India Deputy Governor T Ravi Shankar said on Thursday that the global financial system is still dominated by a select few international Twitterati and others need to reduce risk by diversifying their international currency system. Inaugurating the hackathon organized under India’s G-20 chairmanship, Shankar also appealed that Central Bank Digital Marketing (CBDC) should be adopted by other countries as well. He added that a legally valid digital currency needs to maintain financial stability.
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It is noteworthy that India started its effort to globalize the rupee last year. Under this, efforts are being made to reduce the hold of US dollar dominated trade to make international payments possible in rupees. So far 18 countries have 100 crore rupees. “We have a global financial system where transactions are dominated by a select few charts,” Shankar said. “Therefore, it would probably be in the interest of the international monetary system to have a little more diversified currency. Will be This can have the added benefit of de-risking global financial news while reducing details to just a few details.”
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