With the BRICS alliance continually exploring de-dollarization, India has recently expanded digital currency access amid the growing global shift. Indeed, a plethora of nations have sought greater digital asset exploration as the US dollar has continually faced the threat of its fragile state.
According to a Reuters report, the country is opting to expand the e-rupees retail access. Specifically, the Reserve Bank of India (RBI) is utilizing non-bank payment system operating and third-party applications, to increase accessibility of the digital asset.
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India Increasing Digital Currency Access as Countries Shift From US Dollar Dominance
Over the last several years, global economics has turned away from a US dollar-dominated economy. Moreover, the BRICS alliance had primarily pushed that initiative, with a shifting focus on both gold and digital asset promotion. Now, one of its primary contributors has increased its efforts in the latter.
Specifically, amid BRICS focus on digital assets, India has expanded its digital currency access amid what has become a global shift. Reuters reported the change enacted by the Reserve Bank of India that should have repercussions on the prevalence of its digital currency development.
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The country’s reserve bank had piloted the project in 2023 but limited its original base. It had opted to only allow banks to offer these digital tokens, which affected transactions. Specifically, it showed that these transaction volumes were rather low.
That should be poised to change now, with non-bank payment operations taking part in the project through the proposal. This means that applications like Google Pay and others will be able to transact the e-ruppe through CBDC wallets.
Overall, the development should have widespread benefits as the overall global economic sector begins to transition. 2024 has proven to be a year that has pioneered increased prevalence and use cases for digital asset technology. Therefore, India is better able to join BRICS alliance members on the cutting-edge front of these avenues.