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Experts believe that the e-rupee could help to internationalise the rupee. This is because the e-rupee would be a more efficient and secure way to make cross-border payments. It would also be more convenient for businesses and individuals to use.
Currently, the dollar is the most widely used currency in international trade. However, there is growing demand for alternative currencies. This is because the dollar is becoming increasingly volatile.
The e-rupee could provide a more stable and reliable alternative to the dollar. This could make it more attractive to businesses and individuals who are looking to trade with India.
"The e-rupee could help to internationalise the rupee and make it a more popular currency for cross-border trade," said Harish Prasad, managing director of banking solutions at FIS, India. "It would be a more efficient and secure way to make payments, and it would be more convenient for businesses and individuals to use."
The RBI has said that the e-rupee will be fully compliant with all applicable laws and regulations. This means that it will be a safe and secure way to make payments.
The e-rupee is also expected to be more efficient than traditional methods of payment. This is because it will be based on blockchain technology. Blockchain is a distributed ledger technology that allows for secure and transparent transactions.
"The e-rupee could help to make cross-border payments faster, cheaper, and more secure," said Prasad. "This could make it more attractive to businesses and individuals who are looking to trade with India."
The RBI is currently in the process of piloting the e-rupee. The pilot is expected to be completed in the coming months. Once the pilot is complete, the RBI will decide whether to launch the e-rupee on a wider scale.
If the e-rupee is launched on a wider scale, it could help to internationalise the rupee and make it a more popular currency for cross-border trade. This could have a positive impact on the Indian economy.