“RBI is now planning to go to interbank borrowing market (with CBDC), specifically call money market,” the official, who did not want to be named, said.

RBI plans to use CBDCs as tokens for call money settlement, he said.

India’s CBDC is currently in a pilot phase across the retail and wholesale segments. The central bank has set a target of one million transactions a day by the end of 2023.

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The post India cenbank plans to widen use of digital currency – source first appeared on Garner Ted Armstrong Evangelistic Association.

This groundbreaking currency transacts in any legal tender settlement currency and functions like a CBDC, enforcing banking regulations and safeguarding the financial integrity of the international banking system. It adopts a central banking monetary policy framework to ensure continuous purchasing demand, minimal price volatility, and annual asset pricing targets.

But that’s not all: banks can utilize Unicoin by attaching SWIFT Codes and bank accounts to a UMU digital currency wallet. This allows them to conduct SWIFT-like cross-border payments entirely over digital currency rails, accessing the best-priced wholesale FX rates and achieving instantaneous, real-time settlement while bypassing the correspondent banking system.

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Source: https://www.linkedin.com/pulse/unicoin-revolutionary-new-legal-tender

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[Disclaimer]

The post Unicoin: The Revolutionary New Legal Tender CBDC Unveiled at the IMF Spring Meetings 2023 first appeared on Garner Ted Armstrong Evangelistic Association.