India plans to explore cross-border use of the digital rupee to reduce payment costs and improve trade settlement efficiency

According to Cointelegraph, India is exploring the cross-border use of the digital rupee (e-rupee) to reduce payment costs, enhance trade settlement efficiency, and expand the global role of the rupee.

The report states that as a sovereign digital currency issued by the Reserve Bank of India, the e-rupee enables direct and final settlement without relying on multiple intermediaries in international payments. Currently, India has proposed linking the e-rupee with the central bank digital currencies (CBDCs) of other countries, particularly those in the BRICS, to streamline cross-border trade, remittances, and tourism settlements.