IN DEPTH: India is trialing two central bank digital currencies as part of a pilot program. Early into the program, the Reserve Bank of India has already identified several challenges. amitoj reports
This is a shift from earlier this year when news organizations were more focused on advertising crypto exchanges and content focused on trading.for crypto-related advertisements, requiring disclaimers calling crypto products “highly risky” and unregulated.India’s central bank is now “pushing for education around CBDCs,” an official working on the CBDC efforts told CoinDesk.
“What exactly will happen will depend on how things evolve,” Sankar said. “But anonymity is a basic feature of currency and we’ll have to do that. And to that extent, it is again different from UPI,” which is not anonymous because it carries a digital footprint. “The entity authorized by the RBI to open digital wallets for people in rural areas will do the necessary KYC checks. One need not have a bank account to have a digital wallet. This will happen in the future depending on each pilot,” said the official.A 2017 World Bank report revealed that more thanhave bank accounts, but a survey conducted by an entity under India’s Finance Ministry found that most respondents prefer to keep their savings at home.
At the moment, UPI is free to drive the government’s objective of a digital India and a cashless society. But the operational cost of UPI may exceed 8400 crores INR annually, “As of now, it looks like they will complement each other. The CBDC will target the physical cash component. If the comfort increases and people refuse UPI, then so be it. Let the competition be there,” the senior official said.
The API is not linked to any blockchain, which means India’s CBDC and its association with blockchain remain opaque.
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