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The India stack that Bill Gates and Sundar Pichai so love is set to get much bigger – thanks to the Indian government’s new blockchain strategy
By SANCHITA DASH
FEB 6, 2021, 09:49 IST
BI India/Wikimedia Commons
- The Indian government has drafted a National Strategy on Blockchain.
- This could be the next big step in the India Stack – an ambitious technology project Indian government embarked upon over 10 years ago.
- If the implementation of UPI was revolutionary, the scale of changes that the addition of blockchain infrastructure can facilitate will be way, way bigger.
The sheer scale of the ambition and its success in bringing financial inclusion got the Indian government laurels from some of the biggest icons of modern technology, including Bill Gates, Satya Nadella and Sundar Pichai. And now, India is set to add blockchain infrastructure to that India Stack and the benefits could be way, way bigger than what the unified payments interface (UPI) achieved.
According to the draft National Strategy on Blockchain, a government-led blockchain infrastructure can become the hub for private developers to build applications.
If the India Stack allowed developers to build payments products, access to blockchain infrastructure can revolutionise products and services across healthcare, cyber security, governance, media, logistics & hospitality, education, legal, energy, smart cities and so on.
“Blockchain being a single source of truth can be used for authentication and verification of all the transactions and data, produced by various government departments,” said the draft. The government is currently accepting public opinions on the draft until February 16 through the MyGov platform.
Now, what can this technology be used for? The latest draft from The Ministry of Electronics and Information Technology has laid out some of its targets.
- Setting up a national framework for blockchain.
- Architecture options for blockchain including private participation.
- Applications of national interest for blockchain which includes e-voting, land records, pharmaceutical supply, power distribution, identity management among others.
- Build centres of excellence of blockchain technology.
The success of the India Stack is fuelling excitement around the ‘India ledger’
By opening up its database securely for private developers, India had done what no other country had.
Sundar Pichai, the CEO of Alphabet, which owns the internet giant Google, in an interview in 2017 had said that UPI and India Stack conversations get him excited. Pichai, who had then said we will see products being built out of India for a global stage, has since then gone on to commit $10 billion into the country’s technology ecosystem.
Talking about India Stack, Microsoft founder Bill Gates had said that India is at the “cusp of leapfrogging” whereas his successor Nadella said ,”'Digital India' framework has made India 'stand out' from the rest of the world”.
One of the architects of India Stack Nandan Nilekani, the co-founder of Infosys, had called it the “single most important innovation India needs”.
Opening up a blockchain infrastructure for similar innovations may lead to bigger advancements in technology than UPI, which is hailed as India’s most successful digital project. “We can create our own massive blockchain ledger, say India Ledger, where all researchers and experts come together. The third is that we need to create our own journey with blockchain. Now, is the time to really work on these thoughts,” said Prasanna Lohar, head of digital innovations at DCB Bank and a blockchain expert who has been privy to the discussions around blockchain with the government.
Along with the blockchain strategy, India is toying with the idea of banning private cryptocurrency and instead bringing out its own “digital rupee”.
“Niti Aayog, India's think tank has been working on IndiaChain, India's own ambitious project to develop a nationwide blockchain network, which has revolutionized India’s position as one of the emerging technology players. A few months ago, a blockchain project named Vajra designed by the National Payments Corporation of India for various payment companies providing secured transactions on their online platforms or mobile applications, shows the government is taking proactive initiative to support blockchain,” said Neeraj Khandelwal, co-founder of cryptocurrency and bitcoin startup CoinDCX.
The India stack that Bill Gates and Sundar Pichai so love is set to get much bigger – thanks to the Indian government’s new blockchain strategy
Amazon, ICICI Bank And Axis Bank To Set Up New Entity To Rival UPI Payment System: Report
In a major development which could rejig the digital payment ecosystem in the nation, e-commerce major Amazon, ICICI Bank and Axis Bank have come together to float an alternative to NPCI (National Payments Corporation of India), which runs the Unified Payments Interface (UPI), reports Economic Times
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UPI records 2.29 Bn transactions in February
Unified Payments Interface or UPI has registered 2.29 billion transactions worth Rs 4,25,062 crore in February, according to data released by the National Payments Corporation of India.In terms of average transaction value, UPI has been able to maintain its previous record even in 28 days of February. In January, it had recorded 2.3 billion transactions worth Rs 4,31,181 crore or Rs 4.31 trillion.
While NPCI has not released the transactions break-up figures for February, digital payments major PhonePe had a lead over Google Pay in terms of UPI transactions volume and value by a decent margin in January. The Sameer Nigam-led firm had recorded 968.72 million transactions worth Rs 1,91,973.77 crore in January whereas Google Pay had registered 853.53 million transactions amounting to Rs 1,77,791.47 crore during the month.
Paytm, which has shifted its focus to its ecosystem of combined wallet and payments bank, recorded 281.18 million transactions worth Rs 33,909.50 crore in January. The Noida-based company said in a statement that it recorded 1.2 billion transactions in February across its financial services such as wallet, UPI, cards and net-banking.
Paytm also said that it has the highest market share in offline merchant payments with 15% M-o-M growth and that its business app has over 17 million merchants on the platform and over 8.5 million partners hold a bank account with Paytm Payments Bank.
In terms of merchants payments, Paytm closely competes with PhonePe.
Responding to Entrackr’s queries a PhonePe spokesperson said that the company had crossed a billion transactions in December itself. “Our February numbers are also over a billion with approximately 970 million UPI transactions, and wallet, credit and debit card contributing to the rest of the numbers. We have approximately 280 million registered users and over 110 million monthly active users,” the statement said.
According to the company, its merchant acceptance number across India is 17.5 million.
It’s worth noting that SBI, which processes the largest volume of transactions via UPI among all banks, had improved its performance in terms of technical decline rate in January. The public sector bank had registered only a 1.44% technical decline rate in January as compared to 8.96% in the previous month.
The UPI transaction failure rate for the month of February is yet to be published by NPCI.
UPI records 2.29 Bn transactions in February
Unified Payments Interface or UPI has registered 2.29 Bn transactions worth Rs 4,25,062 crore in February, according to data released by NPCI
entrackr.com
Government plans to include GST in UPI QR code - Times of India
India Business News: The government is looking at upgrading the QR code for UPI in such a way that it can incorporate the GST component and show the same separately. This
timesofindia.indiatimes.com
Amazon infuses Rs 225 crore into India payments unit
The fresh infusion is expected to help the company compete more aggressively against rivals like PhonePe, Google Pay and Paytm.
Six consortiums apply to RBI for NUE licence for retail payments
This includes consortiums are led by Paytm, India Post and Fintech startup iserveU.
ATM: No cards needed. Scan QR codes on UPI app and withdraw money, how it works
This new facility allows customers to withdraw cash using their mobile with any UPI enabled app such as BHIM, Paytm, GPay etc
www.livemint.com
NPCI’s volume cap circular: Will limits on UPI transaction volumes impact India’s fintech sector?
Being the sole umbrella organization for retail payments in India, NPCI is in a dominant position. Given the current regulatory framework, UPI would be considered to be an essential facility which cannot be recreated by NPCIs competitors.
'Tap, Pay, Go': Bhutan welcomes India's Bhim app for digital payments
In August 2019, while addressing the students at the Royal University of Bhutan, Prime Minister Narendra Modi had said that no two countries in the world understand each other so well or share so much as India and Bhutan, and that New Delhi and Thimphu are “natural partners” in bringing prosperity to their people.These words embody the spirit of India - Bhutan collaboration, one that never ceases to keep pace with the demands of our ever changing world.
India and Bhutan stand out as an epitome of exceptional neighbourly relations - a bond that is beyond a mere political tie but instead, is one of friendship and compassion. The friendship is rooted in our Dharma, a sacred thread binding our two countries, carving our connected spiritual heritage. So what we do here in Bhutan is not diplomacy, but instead an authentic friendship we choose each day.
Ours is a bond with a proud legacy of supporting each other over decades. But simultaneously one that is not frozen in time. India and Bhutan are together stepping into the future with confidence and poise, determined to better the lives of our people.
His Majesty the Fourth Druk Gyalpo’s philosophy of Gross National Happiness and Prime Minister Narendra Modi’s vision of Sabka Saath, Sabka Vikas, Sabka Vishwas (Together with all, Development for all, Trust of all) is the ideal that inspires us.
Whether it is a project to design and build a satellite from scratch or a project to create a free information highway - our two countries are committed to projects that use cutting-edge technology to give wings to the human imagination.
For example, fin-tech is one of the fastest growing sectors in India, with an endless array of applications that improve the daily lives of people.
Whether it’s scanning a QR code to instantly pay for a cup of coffee (without having to rummage through your bag for cash) or transferring money to a friend at the click of a button using your smartphone, technology has made the movement of money quick and seamless. With over 1,300 fintech start-ups and investments worth USD 5.7 billion from 2014–2018, India has been spearheading many fintech initiatives, providing the canvas for creation and growth.
For two friends that are rooted in tradition yet ever ready to embrace the future, fin-tech opens up a new world of possibilities for cooperation. And thus, I would like to say that today is indeed a special day for India and Bhutan.
In August 2019, Prime Minister Narendra Modi undertook a successful state visit to Bhutan, shortly after winning the general election for a second term. The Joint Statement from that visit became a vision document for our two countries to elevate our engagement.
Notwithstanding the obstacles posed by the COVID-19 pandemic, the technical teams from the Royal Monetary Authority of Bhutan and the National Payments Corporation of India collaborated on bringing BHIM- a popular mobile payments application in India- to Bhutan.
The result in practical terms? Any Indian national can now make quick and easy payments in Bhutan by simply scanning the merchant’s QR code with his/her BHIM application.
The money will move smoothly from an Indian bank account to a bank account in Bhutan, obviating the need for Indian nationals to carry cash to Bhutan. It also gives Bhutanese merchants and shopkeepers a new option to accept payments in addition to cash and card from Indian nationals.
The option to make payments at Bhutan’s cafes and shops will also incentivise spending by Indian nationals, who are expected to visit Bhutan in large numbers once the pandemic abates, given Bhutan’s formidable reputation as a top travel destination.
All up - this is yet another illustration of a cooperation that undoubtedly benefits both sides. Today’s success also builds on the earlier accomplishments of the RuPay card, a global card payment network from India, which was introduced in Bhutan in two phases.
Phase I launched during Prime Minister Modi’s visit to Bhutan in August 2019 made it possible for RuPay cards issued in India to be accepted at POS terminals across Bhutan.
Phase II launched in November 2020 made the reverse a reality- RuPay cards issued by Bhutanese banks are now accepted across the length and breadth of India. Even in the absence of tourism due to the travel constraints imposed by the global pandemic, the Indian issued Rupay cards have seen a transaction value of around Nu 40 million at Bhutan’s ATMs and PoS terminals.
Similarly, around 2400 RuPay cards have been issued by Bhutan since November 2020 with a transaction volume of over Rs 4 million.
Since it is people who are truly at the heart of the India-Bhutan friendship, this single step of financial integration between our two economies will greatly benefit the people of our two countries. One cannot imagine visiting a foreign country without withdrawing cash and converting the currency in advance. I am proud to say that Bhutan and India are an exception to this rule.
As “Tap, pay, go” quickly becomes the new mantra of the payments industry, India and Bhutan are committed to further explore avenues of collaboration, not only in fintech, but in all areas which allow us to leverage technology for a better future. But for now, we can pat ourselves on the back.
Congratulations India and Bhutan for achieving yet another milestone of bilateral cooperation!
Opinion | 'Tap, Pay, Go': Bhutan welcomes India's Bhim app for digital payments
In August 2019, while addressing the students at the Royal University of Bhutan, Prime Minister Narendra Modi had said that no two countries in the world understand each other so well or share so much as India and Bhutan, and that New Delhi and Thimphu are “natural partners” in bringing...
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PM Narendra Modi to launch new digital payment solution e-RUPI on August 2
Prime Minister Narendra Modi will launch a person and purpose specific digital payment solution e-RUPI on August 2, via video conferencing.The government is aiming to take forward the concept of electronic voucher with a vision of good governance.
Apart from being a cashless and contactless instrument for digital payment, e-RUPI is a QR code or SMS string-based e-Voucher, which is delivered to the mobile of the beneficiaries.
"The users of this seamless one-time payment mechanism will be able to redeem the voucher without a card, digital payments app or internet banking access, at the service provider," the PMO statement said on July 31.
e-RUPI connects the sponsors of the services with the beneficiaries and service providers in a digital manner without any physical interface. It also ensures that the payment to the service provider is made only after the transaction is completed, the statement added. Being pre-paid in nature, e-RUPI assures timely payment to the service provider without involvement of any intermediary, the government said.
The government is expecting the mechanism to ensure a leak-proof delivery of welfare services. It can also be used for delivering services under schemes meant for providing drugs and nutritional support, or diagnostics under schemes like Ayushman Bharat Pradhan Mantri Jan Arogya Yojana, etc. Also, private firms too cam leverage these digital vouchers as part of their employee welfare and corporate social responsibility programmes, the PMO said.
The new digital payment solution been developed by National Payments Corporation of India (NCPI) on its UPI platform, in collaboration with the Department of Financial Services, Ministry of Health & Family Welfare and National Health Authority.
PM Narendra Modi to launch new digital payment solution e-RUPI on August 2
Apart from being a cashless and contactless instrument for digital payment, e-RUPI is a QR code or SMS string-based e-Voucher, which is delivered to the mobile of the beneficiaries.
PM Narendra Modi to launch new digital payment solution e-RUPI on August 2
Prime Minister Narendra Modi will launch a person and purpose specific digital payment solution e-RUPI on August 2, via video conferencing.
The government is aiming to take forward the concept of electronic voucher with a vision of good governance.
Apart from being a cashless and contactless instrument for digital payment, e-RUPI is a QR code or SMS string-based e-Voucher, which is delivered to the mobile of the beneficiaries.
"The users of this seamless one-time payment mechanism will be able to redeem the voucher without a card, digital payments app or internet banking access, at the service provider," the PMO statement said on July 31.
e-RUPI connects the sponsors of the services with the beneficiaries and service providers in a digital manner without any physical interface. It also ensures that the payment to the service provider is made only after the transaction is completed, the statement added. Being pre-paid in nature, e-RUPI assures timely payment to the service provider without involvement of any intermediary, the government said.
The government is expecting the mechanism to ensure a leak-proof delivery of welfare services. It can also be used for delivering services under schemes meant for providing drugs and nutritional support, or diagnostics under schemes like Ayushman Bharat Pradhan Mantri Jan Arogya Yojana, etc. Also, private firms too cam leverage these digital vouchers as part of their employee welfare and corporate social responsibility programmes, the PMO said.
The new digital payment solution been developed by National Payments Corporation of India (NCPI) on its UPI platform, in collaboration with the Department of Financial Services, Ministry of Health & Family Welfare and National Health Authority.
PM Narendra Modi to launch new digital payment solution e-RUPI on August 2
Apart from being a cashless and contactless instrument for digital payment, e-RUPI is a QR code or SMS string-based e-Voucher, which is delivered to the mobile of the beneficiaries.www.moneycontrol.com
A Contrarian Viewpoint
India could begin trials for a digital rupee by December, central bank governor says
The Reserve Bank of India may launch its first digital currency trial programs by December, central bank governor Shaktikanta Das told CNBC.Central banks including those in China, Europe and the U.K. are exploring digital currencies that would be issued by them, either to commercial lenders or to the public directly.
They are called central bank digital currencies, or CBDC — legal tender in digital form, and are essentially the online version of their respective fiat currencies. In India’s case, that would be the digital rupee.
“We are being extremely careful about it because it’s completely a new product, not just for RBI, but globally,” Das told CNBC’s Tanvir Gill in a pre-recorded interview on Thursday.
The RBI is studying various aspects of a digital currency including its security, impact on India’s financial sector as well as how it would affect monetary policy and currency in circulation, according to the governor.
Das added that the central bank is also exploring the choice between having a centralized ledger for the digital currency or the so-called distributed ledger technology (DLT).
DLT refers to a digital database that allows multiple participants to access, share and record transactions simultaneously. A centralized ledger means the database is owned and operated by a single entity — in this case, the central bank.
“I think by the end of the year, we should be able to — we would be in a position, perhaps — to start our first trials,” Das told CNBC.
His deputy, T Rabi Shankar, last month said the central bank was working toward a “phased implemental strategy” for a digital currency.
Growing interest from central banks
Central banks stepped up their efforts looking into digital currencies over the past year following a decline in cash usage and growing interest in cryptocurrencies like bitcoin.The People’s Bank of China is leading the way, with real-world trials already in place across several cities. The European Central Bank and the Bank of England are also looking into a digital euro and a U.K. CBDC, respectively.
CBDCs differ from cryptocurrencies in several important ways — first, they would be fully regulated and under a central authority, typically the central banks.
Second, instead of being a tradeable asset with wildly fluctuating prices, central bank digital currencies would function more like their fiat counterparts, and would have widespread acceptance.
India could begin trials for a digital rupee by December, central bank governor says
Several central banks are exploring digital currencies that would be issued by them, either to commercial lenders or to the public directly.
How US payments groups ended up on the wrong side of India’s plans
In mid-2018, Mastercard’s then-chief executive Ajay Banga enthusiastically defended Indian prime minister Narendra Modi’s push to promote electronic payments in the country’s cash-dominated economy. Modi “gets it”, he told an audience in New York, highlighting the role of cash in everything from terrorism funding to trade in illegal drugs. Three years later, his company has found itself on the wrong side of India’s plans for the sector. The Reserve Bank of India last month barred Mastercard from adding customers, saying it had failed to comply with regulations — implemented shortly after Banga praised Modi’s approach — that forbid financial groups from storing data overseas. The RBI imposed similar restrictions on American Express and Diners Club in April, curtailing the US groups’ ability to expand in one of their biggest growth markets. The central bank and Modi have been trying hard to make India less cash-dependent. Digital transactions have surged since high-value notes that made up a large proportion of the country’s currency were suddenly withdrawn in 2016. The Unified Payments Interface, a mobile money network that allows instant bank-to-bank transfers, was launched by the central bank that same year. Officials said reform was vital to reducing the cost of printing cash and to developing India’s still largely informal economy and increasing financial inclusion and the tax base. The evolution of the payments market in this country of 1.4bn is being watched around the world. In a market where 20 per cent of the population does not have bank accounts and only 3 per cent have credit cards, the expansion of financial services creates enormous business opportunities. India lags China on financial inclusion India’s card market share Three Indian fintech groups — including Paytm, which is backed by Alibaba, and SoftBank-backed Policybazaar — have recently filed for IPOs. “Everyone is out to compete,” said Rajan Bajaj, founder of card start-up slice in Bangalore. “India is the fastest-growing credit card market in the entire world right now. Our opportunity is massive.” But critics said policies such as the data localisation requirements that tripped up Mastercard and American Express were designed to cement control over business activity and erect trade barriers. Indian authorities “are thinking about trying to control things rather than set up a framework for innovation”, one foreign executive said. The US, meanwhile, has condemned India’s policies as “discriminatory and trade-distortive”. The rules hold that any financial data processed overseas has to be destroyed within 24 hours and stored only in India. Companies must submit third-party audits showing compliance, which the RBI says is necessary to prevent money laundering and other illegal activity. The changes prompted furious lobbying by US payments groups when they were introduced. Companies argued that the rules were costly, counterproductive and encouraged other countries to take similar steps, according to one person familiar with their discussions with regulators. An Indian bank teller counts out notes as senior citizens wait to withdraw money at a bank in Amritsar, India Indian policymakers have been trying to make the country’s economy less cash-dependent © Narinder Nanu/AFP via Getty “The free flow of data across borders is the bedrock of a robust strategic and economic relationship between the US and India,” said Alexander Slater, deputy managing director of the US-India Business Council, which lobbies for American business interests. Advocates of the rules countered that Mastercard, which according to estimates from fintech group PPRO accounted for one-third of India’s card market, failed to comply despite ample opportunity. The RBI took action after the company missed several deadlines to clarify how it was processing the data, according to a person familiar with the matter. Visa was also questioned by the regulator last year, the person added, but was found to be in compliance. Mastercard declined to comment on this point while Visa did not respond to a request for comment. The data localisation rule “has been very, very clear for a very long time,” said one Indian executive. “Some of the foreign companies would rather sit and lobby rather than fix their systems.” Since the RBI’s ban last month, Mastercard said it has submitted a new audit conducted by Deloitte in an effort to address the regulator’s concerns. “We have worked closely with the RBI and Indian government to ensure we are compliant with both the letter and the spirit of the order,” Mastercard said in a statement. “We are hopeful that this latest filing provides the assurances required to address their concerns. We are committed to putting in whatever resources are required to meet any additional requirements.” Mastercard and Amex’s existing customers were not affected, but the RBI’s decision left Visa as the only unrestricted big foreign payments player in the country. A police officer walks past the Reserve Bank of India in Mumbai The Reserve Bank of India has argued that regulations on storing financial data overseas were necessary to prevent money laundering and other illegal activities © Kanishka Sonthalia/Bloomberg Its biggest rival is now the National Payments Corporation of India, a not-for-profit set up by the RBI with a consortium of Indian banks to develop payments infrastructure at the heart of the government’s policy goals. Its card operator RuPay has issued more than 600m cards, while its UPI mobile money network soared to 3.2bn transactions in July, more than double the number last year. US business groups argued that Indian authorities used regulation to tilt the market in favour of NPCI and other domestic companies to encourage national champions in financial services. This year, India invited companies to bid for licences to set up for-profit businesses to compete with the NPCI. Among those interested were Paytm, Mukesh Ambani’s Reliance Industries and Tata Group, according to a person familiar with the matter. Dilip Asbe, NPCI’s chief executive, said that services such as RuPay and UPI have grown because they were well suited to the Indian market, facilitating social security payments and allowing easy mobile money transfers without cards. The corporation is in talks to set up UPI in other countries, including Singapore and the United Arab Emirates. “We’re competing with [other card companies] in an open market . . . NPCI has always built local innovation products,” he said. “Who stopped the other companies from innovating? . . . We were very clear that whatever India needs, we would build.” Recommended Cryptocurrencies Indian tech leader urges embrace of cryptocurrency as an asset class There is, however, one form of cashless payment that authorities are not keen on: cryptocurrencies, which the government has threatened to ban. The government views digital tokens as a threat to sovereign control of currency, and the RBI, as with many other central banks, considering launching its own digital currency. Some argued that India’s efforts to promote digital payments while keeping the market on a tighter leash were a reflection of changing political currents around the world. “All the larger countries are . . . creating boundary conditions so that they can have strong leverage,” said one venture capitalist who has invested in Indian fintech companies. “It’s a global thing.”
How US payments groups ended up on the wrong side of India’s plans
Strict rules on data storage trip up overseas businesses hoping to expand in a big growth market
India's Very Own Digital Currency to be Launched Soon. How Different it is from Bitcoin
The Reserve bank of India (RBI) has been gearing up for the phased introduction of a central bank digital currency (CBDC), which it aims to roll out by the end of this year. Even before the recent rise of Bitcoin and other cryptocurrencies, many financial institutions around the world have been wrestling with the idea of a digital currency that is officially recognised and part of the day-to-day financial system. The launch of the CBDC would mark a historic first for India as it would be the pioneer of digital currency in the country. The focus of a central bank like the RBI is essentially to support the banking systems in the country rather than act as a traditional bank. It is a governing body of sorts. In that sense, the CBDC would be something that supports the banking system or compliments the existing frameworks in place.RBI Governor Shaktikanta Das said in an interview with CNBC that the Reserve Bank of India might launch its first digital currency trail programmes by December. This could indicate that this is just the first of various kinds of digital currencies that might hit the market further down the road. “We are being extremely careful about it because it’s completely a new product, not just for RBI, but globally,” said Das in the interview with CNBC.
What is the Central Bank Digital Currency?
The central bank digital currency is basically a digital or virtual currency that is issued by the central bank in the form of a tender. It has similar functionalities to existing digital/fiat currency. More importantly, it is a legally recognized currency with an existing financial body backing its function. It is also exchangeable one-to-one with fiat currency, the only thing that major difference from private digital currencies like Bitcoin and Ether is that is has a different form. It is basically like having your money digitized and the value holds the same.
How Is It Different from Cryptocurrency?
Cryptocurrencies like Bitcoin have one major difference, they stand more as commodities rather than representing the exact value of a monetary system’s currency. For e.g., one Bitcoin does not equal Rs 1. One has to invest in Bitcoin and purchase it with currency and therein lies the biggest difference. Another important factor is that Cryptocurrencies are extremely volatile and have no legal issuer, whereas the central bank digital currency has the RBI as the issuer, this means that the central bank digital currency can be considered money in every sense of the word.
Where Does India Stand on Central Bank Digital Currency?
Das had mentioned that the RBI was aiming to launch the central bank digital currency as a mass-scale digital asset. The RBI had itself put out a note stating that the central bank digital currency and the interest it held as an asset were universal, but very few countries have even come close to the pilot stage of launching such an endeavour. One of the reasons behind this move towards the digital is that the RBI has an ever-decreasing usage for the traditional paper currency. Add to that the fact that we live in an age of attempted sustainability and the digital medium starts to become the only feasible long-term solution.
The government is also looking to meet the public’s needs for digital currencies that have become all the rage in recent years. This would help bring down the damaging consequences of operating in the realm of private currencies which are not regulated for the present financial system.
India's Very Own Digital Currency to be Launched Soon. How Different it is from Bitcoin - News18
The government is also looking to meet the public’s needs for digital currencies that have become all the rage in recent years, through the use of CBDC.
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