Cross-border trade CBDC was meant to curtail India's dependence on the dollar, elevating the rupee's standing in the world currency basket. Crypto killer e-₹ was RBI's answer to the many real and imaginary threats that cryptocurrencies generated in their wake. When it comes to CBDC RBI seems to have taken Edward Hickson's 1840 moral song, 'Perseverance, Or Try Again', to heart: 'If at first you don't succeed, try, try, try again. His response: 'The world needs a class of digital public infrastructure across countries that offers low-cost payment rails. Any cost advantage that CBDC offers - such as the fact that no bank can demand an interchange fee to transfer what is essentially digital cash - will be universally applicable to all players that allow CBDC transactions.
