India has assumed the presidency of G20 this year, and the same gives the country an opportunity to showcase its leadership in the field of FinTech, particularly in digital payment systems. While India has made significant strides in developing its domestic payments systems which are acknowledged globally, it can also contribute to innovations in cross-border payment systems. In this context, CBDC holds significant promise.
With India already piloting its CBDC, it is well poised to steer the discussion on the need for cross-border interoperability of CBDCs and developing standards for effective interfacing, so as to realise the potential of cheaper, efficient and faster crossborder payments. 34.