TheDinarian
News • Business • Investing & Finance
Cross border CBDC viewed as Indian killer app
October 26, 2023
post photo preview

Reserve Bank of India Governor Shaktikanta Das recently discussed India’s progress with central bank digital currency (CBDC). After almost a year of wholesale and retail CBDC pilots, he is even more convinced about the role of a digital rupee for cross border transactions. He also sees CBDCs as countering the attraction of stablecoins. Governor Das spoke during the World Bank Group – IMF Annual Meetings this month.

CBDC as a foil to stablecoins

“On stablecoins – the fundamental question that begs an answer is whether the governments and central banks are comfortable with private currency. Currency is a sovereign function which the sovereign delegates to the central bank in a country like India. So therefore, are we comfortable with private currency? So these new technology products which are coming and styling themselves as great innovations, there are financial consequences,”  

 

“On such matters, whether it is stablecoins or cryptocurrencies or whatever you call it, I think we need to fully understand the risks before trying to legitimize them. We (need to) know before entering the water, how many sharks are there inside the water. Therefore CBDC is important. The world is moving towards technology.” said Governor Das.

Digital rupee pilots

The central banker recounted how India initiated its CBDC pilots almost a year ago. It started with wholesale CBDC in November 2022 using it for secondary market settlement of government bonds. More recently, it progressed to overnight money markets.

In December 2022 India commenced its retail CBDC trials. Millions of customers are now enrolled and almost every Indian bank. Governor Das spoke about the simplicity of using the digital rupee, with many fruit and vegetable vendors now enrolled to accept the CBDC. The digital currency also shares QR codes for payment with UPI, India’s instant payment system. The Governor said the learnings from the CBDC pilot “have been excellent.”

Recently, an executive from India’s Treasury acknowledged the challenge of retail CBDC adoption given the success of UPI. Monthly transactions on UPI recently passed ten billion.

CBDC for cross border payments

However, the first CBDC point made by Governor Das was about cross border payments and he quickly returned to the topic. Following the pilots, “We are even more convinced that CBDC can be the most effective and efficient mode for cross border payments in particular, other than of course domestic transactions,” said the Governor. 

He bemoaned the global average remittance cost of 6% and believes CBDC can help to reduce that.

“And on this, we are also in active discussion with other countries which are carrying out similar efforts,” he said. 

In March India and the UAE announced joint trials targeting remittances and trade. More than 3.5 million Indians work in the Emirates and it’s the second largest source of Indian remittances. Meanwhile, the UAE also recently signed a digital currency deal with China, separate from their joint work on the mBridge cross border CBDC project.

Link

 

 

 

community logo
Join the TheDinarian Community
To read more articles like this, sign up and join my community today
0
What else you may like…
Videos
Podcasts
Posts
Articles
September 07, 2025
Utility, Utility, Utility

🚨Robinhood CEO - Vlad Tenev says: “It’s time to move beyond Bitcoin and meme coins into real-world assets!”

For up to date cryptocurrencies available through Robinhood:
https://robinhood.com/us/en/support/articles/coin-availability/

00:00:24
September 06, 2025
3 Companies Control 80% Of U.S. Banking👀

3 companies. 80% of U.S. banking. You need to know their names.

Watch us break it down in the latest Stronghold 101

00:03:58
September 06, 2025
We Have Been Lied To, For Far To Long!

Impossible Ancient Knowledge That DEBUNKS Our History!

Give them a follow:

Jays info:
@TheProjectUnity on X
youtube.com/c/ProjectUnity

Geoffrey Drumms info:
@TheLandOfChem on X
www.youtube.com/@thelandofchem

00:18:36
👉 Coinbase just launched an AI agent for Crypto Trading

Custom AI assistants that print money in your sleep? 🔜

The future of Crypto x AI is about to go crazy.

👉 Here’s what you need to know:

💠 'Based Agent' enables creation of custom AI agents
💠 Users set up personalized agents in < 3 minutes
💠 Equipped w/ crypto wallet and on-chain functions
💠 Capable of completing trades, swaps, and staking
💠 Integrates with Coinbase’s SDK, OpenAI, & Replit

👉 What this means for the future of Crypto:

1. Open Access: Democratized access to advanced trading
2. Automated Txns: Complex trades + streamlined on-chain activity
3. AI Dominance: Est ~80% of crypto 👉txns done by AI agents by 2025

🚨 I personally wouldn't bet against Brian Armstrong and Jesse Pollak.

👉 Coinbase just launched an AI agent for Crypto Trading

Another Pyth price price feed added

Up in the clouds ☁️

$ATH is the native token of @AethirCloud, a decentralized cloud computing infrastructure, and its price feed is now live across 100+ blockchains.

https://x.com/PythNetwork/status/1965430093276385475

Update on the NPM attack: The attack fortunately failed, with almost no victims.🔒

It began with a phishing email from a fake npm support domain that stole credentials and gave attackers access to publish malicious package updates. The injected code targeted web crypto activity, hooking into Ethereum, Solana and other chains to hijack transactions, and replacing wallet addresses directly in network responses.

The attackers’ mistakes caused crashes in CI/CD pipelines, which led to early detection and limited impact. Still, this is a clear reminder: if your funds sit in a software wallet or on an exchange, you’re one code execution away from losing everything. Supply chain compromises remain a powerful malware delivery vector, and we’re also seeing more targeted attacks emerge.

Hardware wallets are built to withstand these threats. Features like Clear Signing let you confirm exactly what’s happening, and Transaction Checks flag suspicious activity before it’s too late.

The ...

Pyth Network DAO

Beyond revenue, the Phase 2 proposal asks for the DAO to consider whether and how the network can deliver value back to the community.

This new product could fuel the DAO, and the DAO should consider whether it wants to support buybacks, rewards, and strengthening the network for all stakeholders.

Looking ahead to Phase 3: Total market coverage.

→ 200–300 new symbols added each month
→ 3K+ by year-end, 10K+ in 2026
→ Complete coverage across: trading venues, OTC markets, permissioned & unpermissioned DeFi

Pyth will become the most comprehensive financial data layer in the world.

https://x.com/PythNetwork/status/1963255788698484942

post photo preview
The Great Onboarding: US Government Anchors Global Economy into Web3 via Pyth Network

For years, the crypto world speculated that the next major cycle would be driven by institutional adoption, with Wall Street finally legitimizing Bitcoin through vehicles like ETFs. While that prediction has indeed materialized, a recent development signifies a far more profound integration of Web3 into the global economic fabric, moving beyond mere financial products to the very infrastructure of data itself. The U.S. government has taken a monumental step, cementing Web3's role as a foundational layer for modern data distribution. This door, once opened, is poised to remain so indefinitely.

The U.S. Department of Commerce has officially partnered with leading blockchain oracle providers, Pyth Network and Chainlink, to distribute critical official economic data directly on-chain. This initiative marks a historic shift, bringing immutable, transparent, and auditable data from the federal government itself onto decentralized networks. This is not just a technological upgrade; it's a strategic move to enhance data accuracy, transparency, and accessibility for a global audience.

Specifically, Pyth Network has been selected to publish Gross Domestic Product (GDP) data, starting with quarterly releases going back five years, with plans to expand to a broader range of economic datasets. Chainlink, the other key partner, will provide data feeds from the Bureau of Economic Analysis (BEA), including Real Gross Domestic Product (GDP) and the Personal Consumption Expenditures (PCE) Price Index. This crucial economic information will be made available across a multitude of blockchain networks, including major ecosystems like Ethereum, Avalanche, Base, Bitcoin, Solana, Tron, Stellar, Arbitrum One, Polygon PoS, and Optimism.

This development is closer to science fiction than traditional finance. The same oracle network, Pyth, that secures data for over 350 decentralized applications (dApps) across more than 50 blockchains, processing over $2.5 trillion in total trading volume through its oracles, is now the system of record for the United States' core economic indicators. Pyth's extensive infrastructure, spanning over 107 blockchains and supporting more than 600 applications, positions it as a trusted source for on-chain data. This is not about speculative assets; it's about leveraging proven, robust technology for critical public services.

The significance of this collaboration cannot be overstated. By bringing official statistics on-chain, the U.S. government is embracing cryptographic verifiability and immutable publication, setting a new precedent for how governments interact with decentralized technology. This initiative aligns with broader transparency goals and is supported by Secretary of Commerce Howard Lutnick, positioning the U.S. as a world leader in finance and blockchain innovation. The decision by a federal entity to trust decentralized oracles with sensitive economic data underscores the growing institutional confidence in these networks.

This is the cycle of the great onboarding. The distinction between "Web2" and "Web3" is rapidly becoming obsolete. When government data, institutional flows, and grassroots builders all operate on the same decentralized rails, we are simply talking about the internet—a new iteration, yes, but the internet nonetheless: an immutable internet where data is not only published but also verified and distributed in real-time.

Pyth Network stands as tangible proof that this technology serves a vital purpose. It demonstrates that the industry has moved beyond abstract "crypto tech" to offering solutions that address real-world needs and are now actively sought after and understood by traditional entities. Most importantly, it proves that Web3 is no longer seeking permission; it has received the highest validation a system can receive—the trust of governments and markets alike.

This is not merely a fleeting trend; it's a crowning moment in global adoption. The U.S. government has just validated what many in the Web3 space have been building towards for years: that Web3 is not a sideshow, but a foundational layer for the future. The current cycle will be remembered as the moment the world definitively crossed this threshold, marking the last great opportunity to truly say, "we were early."

🙏 Donations Accepted 🙏

If you find value in my content, consider showing your support via:

💳 PayPal: 
1) Simply scan the QR code below 📲
2) or visit https://www.paypal.me/thedinarian

🔗 Crypto Donations👇
XRP: r9pid4yrQgs6XSFWhMZ8NkxW3gkydWNyQX
XLM: GDMJF2OCHN3NNNX4T4F6POPBTXK23GTNSNQWUMIVKESTHMQM7XDYAIZT
XDC: xdcc2C02203C4f91375889d7AfADB09E207Edf809A6

Read full Article
post photo preview
US Dept of Commerce to publish GDP data on blockchain

On Tuesday during a televised White House cabinet meeting, Commerce Secretary Howard Lutnick announced the intention to publish GDP statistics on blockchains. Today Chainlink and Pyth said they were selected as the decentralized oracles to distribute the data.

Lutnick said, “The Department of Commerce is going to start issuing its statistics on the blockchain because you are the crypto President. And we are going to put out GDP on the blockchain, so people can use the blockchain for data distribution. And then we’re going to make that available to the entire government. So, all of you can do it. We’re just ironing out all the details.”

The data includes Real GDP and the PCE Price Index, which reflects changes in the prices of domestic consumer goods and services. The statistics are released monthly and quarterly. The biggest initial use will likely be by on-chain prediction markets. But as more data comes online, such as broader inflation data or interest rates from the Federal Reserve, it could be used to automate various financial instruments. Apart from using the data in smart contracts, sources of tamperproof data 👉will become increasingly important for generative AI.

While it would be possible to procure the data from third parties, it is always ideal to get it from the source to ensure its accuracy. Getting data directly from government sources makes it tamperproof, provided the original data feed has not been manipulated before it reaches the oracle.

Source

🙏 Donations Accepted 🙏

If you find value in my content, consider showing your support via:

💳 PayPal: 
1) Simply scan the QR code below 📲
2) or visit https://www.paypal.me/thedinarian

🔗 Crypto
XRP: r9pid4yrQgs6XSFWhMZ8NkxW3gkydWNyQX
XLM: GDMJF2OCHN3NNNX4T4F6POPBTXK23GTNSNQWUMIVKESTHMQM7XDYAIZT
XDC: xdcc2C02203C4f91375889d7AfADB09E207Edf809A6

Read full Article
post photo preview
List Of Cardano Wallets

Well-known and actively maintained wallets supporting the Cardano Blockchain are EternlTyphonVesprYoroiLaceADAliteNuFiDaedalusGeroLodeWalletCoin WalletADAWalletAtomicGem WalletTrust and Exodus.

Note that in case of issues, usually only queries relating to official wallets can be answered in Cardano groups across telegram/forum. You may need to consult with specific wallet support teams for third party wallets.

Tips

  • Its is important to ensure that you're in sole control of your wallet keys, and that the keys used can be restored via alternate wallet providers if a particular one is non-functional. Hence, put extra attention to Non-Custodial and Compatibility fields.
  • The score column below is strictly a count of checks against each feature listed, the impact of specific feature (and thus, score) is up to reader's descretion.
  • The table represents current state on mainnet network, any future roadmap activities are out-of-scope.
  • Info on individual fields can be found towards the end of the page.
  • Any field that shows partial support (eg: open-source field) does not score the point for that field.

Brief info on fields above

  • Non-Custodial: are wallets where payment as well as stake keys are not shared/reused by wallet provider, and funds can be transparently verified on explorer
  • Compatibility: If the wallet mnemonics/keys can easily (for non-technical user) be used outside of specific wallet provider in major other wallets
  • Stake Control: Freedom to elect stake pool for user to delegate to (in user-friendly way)
  • Transparent Support: Easy approachability of a public interactive - eg: discord/telegram - group (with non-anonymous users) who can help out with support. Twitter/Email supports do not count for a check
  • Voting: Ability to participate in Catalyst voting process
  • Hardware Wallet: Integration with atleast Ledger Nano device
  • Native Assets: Ability to view native assets that belong to wallet
  • dApp Integration: Ability to interact with dApps
  • Stability: represents whether there have been large number of users reporting missing tokens/balance due to wallet backend being out of sync
  • Testnets Support: Ability to easily (for end-user) open wallets in atleast one of the cardano testnet networks
  • Custom Backend Support: Ability to elect a custom backend URL for selecting alternate way to submit transactions transactions created on client machines
  • Single/Multi Address Mode: Ability to use/import Single as well as Multiple Address modes for a wallet
  • Mobile App: Availability on atleast one of the popular mobile platforms
  • Desktop (app,extension,web): Ways to open wallet app on desktop PCs
  • Open Source: Whether the complete wallet (all components) are open source and can be run independently.

Source

🙏 Donations Accepted 🙏

If you find value in my content, consider showing your support via:

💳 PayPal: 
1) Simply scan the QR code below 📲
2) or visit https://www.paypal.me/thedinarian

🔗 Crypto
XRP: r9pid4yrQgs6XSFWhMZ8NkxW3gkydWNyQX
XLM: GDMJF2OCHN3NNNX4T4F6POPBTXK23GTNSNQWUMIVKESTHMQM7XDYAIZT
XDC: xdcc2C02203C4f91375889d7AfADB09E207Edf809A6

 

Read full Article
See More
Available on mobile and TV devices
google store google store app store app store
google store google store app tv store app tv store amazon store amazon store roku store roku store
Powered by Locals