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[Yugocean]

Shaktikanta Das, Governor of the RBI (Reserve Bank of India), the Indian Central Bank, has launched a pilot project of Digital version of Indian Rupee (CDBC) from November 1, 2022.

This project was announced on 7 October, and there was no delay of the project coming into effect. This digital rupee will be used to settle secondary market transactions in government securities.

The focus has been on making the inter-bank market more efficient and reducing settlement risk. The RBI has nominated Nine banks for this task -
State Bank of India, HDFC, Union Bank, ICICI, Kotak Mahindra, Bank of Baroda, HSBC, IDFC First Bank and Yes Bank.​

 

[Horia_10]

This is good development and it will make the payments and financial system more advanced in the country and the users will be able to receive digital payments more frequently and easily , many countries like Australia have been left behind by the Asian country with their progress and this development till now actually .

 

[magnus2022]

CBDC is government attempt to reduce the influence of cryptocurrency. Now, about 12 countries have developed their CBDC but it have not stop crypto enthusiasts from buying and holding crypto. While CBDC have its quality and merit , it will not displace cryptocurrency. The decentralization nature of cryptocurrency make it indispensable in modern economic progress.

 

[Horia_10]

That's right , the launch of cbdc in a country won't restrict the Crypto trading and investors will always keel investing in the market with each potential dip , no one wants to invest money in governmental schemes that offer the most lowest returns on investment that put money in such schemes and financial growth systems indeed .

 

[btaliat]

I always maintain the fact that crypto gives all countries that are into CBDC insight on digital currencies. The aim however is to weaken the influence of crypto by making a centralized version of crypto. Unfortunately, out of almost 20 countries that have announced their CBDC, none is doing well with it.

 

[BullyMaguire]

CBDC is government attempt to reduce the influence of cryptocurrency. Now, about 12 countries have developed their CBDC but it have not stop crypto enthusiasts from buying and holding crypto. While CBDC have its quality and merit , it will not displace cryptocurrency. The decentralization nature of cryptocurrency make it indispensable in modern economic progress.

True.. they made it to counter crypto currency but that kind of currency is stable.. it wouldn't be appealing to traders and people that owns crypto currency because it can grow their money overtime. And if people aren't gonna be making money off their digital currency it's only gonna be good for transactions which is online banks is capable of

 

[a_jerobon]

That is a great development for India. I am sure that their citizens will highly welcome the CBDC. Merchants are always interested in online transactions in this era and so it is great for them to have a digital currency.

Another important that the CBDC will do is that it will enable people to do more online businesses. Which is something that has already been adopted by many.

 

[Balint098]

We will see how it goes. Nigeria and Venezuela launched their own version of central bank digital currencies some time ago. Both can be considered failed, and people in both nations barely use it. Digital naira failed partly because their national currency continually weakens to USD.

 

[Wisdom01]

It's all a good development for the country , launching a cbdc network really shows that they are actually interested in the development of digital currency and it would actually continue to grow to some extent in that path

 

[Gamer01]

Saves a lot of fees usually spent when we use banking system for sepa and swift transactions bitcoin saves that energy consumption is lesser and payments are transferred faster using this method as well indeed .

 

[Gen Evie]

With CBDCs taking off globally, the e-rupee will be needed to facilitate cross-border payments at high speed and low cost. The first pilot phase for the retail e-rupee was rolled out on December 1, 2022,

 

[Gamer01]

December has already passed and this must have been done you are posting past information do you have further update on the topic if yes you should post that indeed to keep it interesting .

 

[Wisdom01]

This is good development and it will make the payments and financial system more advanced in the country and the users will be able to receive digital payments more frequently and easily

All these development could actually help speed up the development of the payment and financial system ,I think based on my observation it's actually a good development and should be thought about

 

[Gamer01]

Yes it will save the cost of using the banking system which is a lot and the people who are using it will have faster transfers and payments to anywhere they want to send money to actually indeed especially family .

 

[Riberet19]

I heard of this news, but I do not know to what extent the CBDC has been adopted in the country for now or if it is still a pilot project, really the CBDCs at the beginning will be very good and beautiful and there will be no problems with it, but it is another main control system that is totally aimed at your pocket and to observe everything you do and what you spend on and eliminate cash money, and also battle against cryptos and stablecoins.

 

[Wisdom01]

I love the fact that they actually have launched the digital currency project launching this kind of project would really be very much helpful for the country payment system when it comes to growth and development

 

[Gamer01]

Exactly the fiat system can never take over crypto people who like anonymity will keep investing in the bitcoin and therefore the authorities of the countries will keep trying to act aginst crypto but they will fail indeed actually .

 

[Riberet19]

Exactly the fiat system can never take over crypto people who like anonymity will keep investing in the bitcoin and therefore the authorities of the countries will keep trying to act aginst crypto but they will fail indeed actually .

Remember that they ultimately always win, imagine that they create the CBDCs and it becomes the payment system, the cryptocurrencies are based and measured in fiat, and the CBDC is programmed because it is a software, what would happen if they deny the purchase and sale of cryptocurrencies with the CBDCs? that the game would be over.

 

[Medo24]

Remember that they ultimately always win, imagine that they create the CBDCs and it becomes the payment system, the cryptocurrencies are based and measured in fiat, and the CBDC is programmed because it is a software, what would happen if they deny the purchase and sale of cryptocurrencies with the CBDCs? that the game would be over.

I don't think the India government well prohibits the use of CBDC to buy cryptocurrencies because the government or the country support the use of cryptocurrencies. It is also possible that soonest other countries will launch their CBDC.

 

[Wisdom01]

I don't think the India government well prohibits the use of CBDC to buy cryptocurrencies because the government or the country support the use of cryptocurrencies. It is also possible that soonest other countries will launch their CBDC.

I think the adoption of digital currency would practically encourage other countries to also want to try out the adoption ,they would find relevance and others in the adoption of the digital currency