Future of money has to be digital, no escape from that: Shaktikanta DasReutersShaktikanta DasSynopsisReserve Bank of India Governor Shaktikanta Das emphasised the inevitability of digital money at the G30 Annual International Banking seminar. He highlighted the potential of central bank digital currencies (CBDC) for cross-border payments. Das called for multilateral cooperation in CBDC design and legal aspects.By Atmadip Ray, ET BureauFollow usOct 27, 2024, 05:13:00 PM IST5Kolkata: Future of money has to be digital, there is no escape from that, Reserve Bank of India Governor Shaktikanta Das said at the G30 Annual International Banking seminar, inviting multilateral cooperation for facilitating the use of central bank digital currencies (CBDC) for cross border payments.ADVERTISEMENT"The biggest potential for CBDC going forward will be cross border money transfer, which we expect -- because it avoids various intermediaries -- to be low cost and faster and instantaneous. The way forward is to have multilateral arrangements to begin with and then scale it up to global level," Das said Saturday night at the G30 event held in Washington DC.He was speaking at the panel discussion on the future of money and payments. Bank of England Governor Andrew Bailey and Agusting Carstens, former Governor of Bank of Mexico and now general manager of BIS, also spoke.Das called for multilateral cooperation in every aspect of promoting CBDC especially on the designing part of it and legal arrangements.ETPrimeET PRIME - TOP TRENDING STORIESAdani Group stocks: Will averaging out work for retail investors?Adani Group stocks: Will averaging out work for retail investors?Is Nifty Next 50 a good bet? Only if you are a super long-term investor.Is Nifty Next 50 a good bet? Only if you are a super long-term investor.Falling off the momentum? Why retail investors are losing money after witnessing a long rallyReliance JioCinema is streaming IPL 2023 for free. Will this now disrupt the OTT business?Top Nifty50 stocks analysts suggest buying this weekLong term wealth creation; 7 stocks with high ROESubscribe to ETPrime"CBDC can become a model for fast, cheap and safer transfer of money across countries," he said.He has also outlined the possible risks -- CDBC can create a situation of faster transmission of shocks across countries, can be used for currency substitution and can create capital flow volatility because of faster flow of money across countries; and has stressed on the need for finding technological and systematic solutions for these risks.ADVERTISEMENTDas has dismissed the apprehension on whether CBDC and the fast payment system like UPI can work together."They are two different systems. CBDC is a currency while UPI is a payment system. They can become interoperable. They can act as back up for each other at the time of crisis," he said.ADVERTISEMENTOn the progress related to the use of UPI, the Governor expressed optimism of crossing the milestone of 1 billion transactions per day next year from 500 million per day at present.The central bank unveiled the digital rupee, India's version of CBDC, in 2022 and is trying to make it accessible to all by enabling non-bank payment system operators to offer CBDC wallets while UPI is gaining currency by the day.ADVERTISEMENTNominations for ET MSME Awards are now open. The last day to apply is November 30, 2024. Click here to submit your entry for any one or more of the 22 categories and stand a chance to win a prestigious award.Whatsapp Banner(You can now subscribe to our Economic Times WhatsApp channel)READ MORE ONdigital moneyshaktikanta dasrupeedigital rupeerbi(Catch all the Business News, Breaking News, Budget 2024 Events and Latest News Updates on The Economic Times.)Subscribe to The Economic Times Prime and read the ET ePaper online.NEXT READEPAM and GCCs in India: Driving Mutual Growth and Development through Modern EngineeringDirty cars now becoming cool in Bengaluru? Car wash business takes a hit amid water crisisUttarakhand gears up for prosperity: Global Investors Summit inaugurated by PM ModiGold rises Rs 195, silver up Rs 200Seven killed in Andhra Pradesh as bus plunges into canalET India Rising: India on track to be a $5 trillion economy by 2025, says SBI Chairman Dinesh KharaSC to hear Md Faizal's plea to be reinstated as MP todayChiranjeevi, Nagarjuna, Allu Aravind hold discussions with Anurag Thakur on film industryCarrying an evolutionary design philosophy: How the brand made it to the OnePlus 10 Series’ DesignDesigned to offer a top-notch experience, the OnePlus 10 Pro 5G is here to jazz up your work and plal