The Reserve Bank of India (RBI) is in discussions with at least 18 countries to explore cross-border payment systems using its Central Bank Digital Currency (CBDC), the "digital rupee". The aim is to facilitate trade between countries that lack US dollar reserves and to accelerate foreign infrastructure to meet growing demand for the digital rupee.

The RBI has already signed a memorandum of understanding with the United Arab Emirates Central Bank to collaborate on CBDC-related pilots and proofs-of-concept. The digital rupee has gained popularity since its launch in November 2022 and February 2023 for wholesale and retail products respectively, with over 50,000 users in two months and plans to integrate over one million users.