Context: Recently, the RBI and Bank for International Settlements (BIS) launched the G20 TechSprint.
About G20 TechSprint:-
- G20 TechSprint is a global technology competition.
- The fourth and 2023 TechSprint is a joint initiative between the BIS
Innovation Hub and the Reserve Bank of India.
- It will focus on three problem statements on cross-border payments formulated by the RBI and the BIS Innovation Hub.
- Technology solutions: to reduce illicit finance risk around anti-money laundering, countering the financing of terrorism and sanctions.
- Foreign exchange and liquidity technology solutions: to enable settlement in emerging markets and developing economy currencies.
- Technology solutions for multilateral cross-border central bank digital currency platforms.
- The competition is open for developers around the world.
- The shortlisted teams will be invited to develop their solutions over a six-week period.
- Each team will be eligible for a stipend of eight lakh rupees approximately 10,000 US dollars.
- An independent panel of experts will select the most promising solution to each problem statement from the shortlisted solutions.
- The winners for each problem statement will receive an award of forty lakh rupees approximately 50,000 US dollars.
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