The governor of India’s central bank, the Reserve Bank of India (RBI), Shaktikanta Das, stated on Monday at the RBI@90 Global Conference on Digital Public Infrastructure and Emerging Technologies that implementing cross-border digital currency interoperability would present challenges and require trade-offs.

Das explained:

Technical barriers may be surmounted by using common (international) technical standards. Further, the governance structure or management framework for long-term sustainability would also need to be finalised.

The RBI governor added that while technical challenges could be overcome, establishing a robust governance framework is critical for the long-term viability of central bank digital currencies (CBDCs).

Das also discussed the role of CBDC programmability in enhancing financial inclusion, emphasizing that programming the end use of funds — such as for agricultural inputs — could provide comfort to banks and verify the identity of beneficiaries.

He cautioned against hastily deploying a system-wide CBDC without a full understanding of its potential impacts, warning:

Such understanding would emerge from generation of user data in pilots. Actual introduction of CBDC can be phased in gradually.

Das also discussed the rise of artificial intelligence (AI) in financial services, noting both its potential benefits and the challenges it poses. He emphasized the need for transparency and accountability, particularly in areas like loan approvals, and urged financial institutions to understand the AI models they use and ensure responsible outcomes. The RBI governor also highlighted the importance of evaluating training data to avoid biases and protect privacy. He called on central banks and governments to promote the development of trustworthy AI systems, with a focus on data privacy, explainability, and accountability.

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