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Cross border CBDC viewed as Indian killer app
October 26, 2023
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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.

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SWIFT has chosen to work with Consensys on a prototype for its groundbreaking blockchain-based ledger, aiming to bring its hallmark security, resiliency, and scalability to the world of tokenized digital finance. This marks a pivotal step in extending SWIFT’s trusted platform into a new era of 24/7, instant cross-border payments and digital asset settlement.

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US Dept of Commerce to publish GDP data on blockchain

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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

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XDC: xdcc2C02203C4f91375889d7AfADB09E207Edf809A6

 

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