• Bitcoin
  • Blockchain
  • Crypto
  • Metaverse
  • AltCoins
  • Business
  • Investment
  • Upcoming
What's Hot

Empowerment Over Fear: Bitcoin, Home Birth And Responsible Sovereignty

March 26, 2023

Why We Opened The Belgrade Bitcoin Hub

March 25, 2023

How Will Bitcoin Adapt To Banking Uncertainty?

March 25, 2023
Facebook Twitter Instagram
  • Bitcoin

    Empowerment Over Fear: Bitcoin, Home Birth And Responsible Sovereignty

    March 26, 2023

    Why We Opened The Belgrade Bitcoin Hub

    March 25, 2023

    How Will Bitcoin Adapt To Banking Uncertainty?

    March 25, 2023

    What is a Wallet? Guide to storing Bitcoin

    March 24, 2023

    Nasdaq Eyeing Q2 2023 Release For Bitcoin And Crypto Custody Platform

    March 24, 2023
  • Blockchain

    BlockJoy raises $12M to help cut operating costs for businesses running blockchain nodes • TechCrunch

    February 2, 2023

    Blockchain Futurist Conference — Canada’s biggest crypto conference returns for fifth year

    February 2, 2023

    WEMADE and Metagravity Sign Strategic Alliance MOU to Collaborate on Blockchain Games for the Metaverse

    February 2, 2023

    Will Polkadot’s [DOT] new parachain fix the blockchain?

    February 1, 2023

    BNB Chain Unveils 3rd Blockchain in BNB Ecosystem, Tether ‘Never Borrowed from Celsius’, Ripple Sold $226M Worth of XRP in Q4

    February 1, 2023
  • Crypto

    Crypto Donations Now Need An Appraisal

    February 2, 2023

    Bitcoin Shrugs Off Fed Rate Hike to Hit Six-Month High

    February 2, 2023

    Stock and Share Market News, Economy and Finance News, Sensex, Nifty, Global Market, NSE, BSE Live IPO News

    February 2, 2023

    Yates County cryptocurrency miner completes debt restructuring deal

    February 1, 2023

    How ‘King of Instagram’ Dan Bilzerian ‘made millions’ from cryptocurrency after bizarre poker deal

    February 1, 2023
  • Metaverse

    Facebook’s Metaverse Division Lost Nearly $14 Billion Dollars Last Year

    February 2, 2023

    Samsung Hints Metaverse Ambitions At Product Launch Event, Eyes Integrating Different Realities Into Premium Smartphones

    February 2, 2023

    Sanlam makes history with SA’s first media launch in the metaverse

    February 2, 2023

    Meta’s plans to expand metaverse are up and running again: Here’ how

    February 2, 2023

    RFOX VALT Launches AI-Enabled Metaverse Apartments for Sale

    February 1, 2023
  • AltCoins

    Altcoins Lead Post-Fed Crypto Rally as Risk Appetite Increases

    February 2, 2023

    CAKE, SHIB And These Alt-Coins Are Trending

    February 2, 2023

    Elon Musk Wants McDonald’s to Accept Crypto Payments. Dogecoin (DOGE), Bitcoin (BTC), and Snowfall Protocol (SNW) Benefit

    February 2, 2023

    Crypto Analysts are Saying These Altcoins Have Huge Potential – Here’s Why

    February 2, 2023

    Are Cryptos Bound to Retrace Amid Recent Pump?

    February 1, 2023
  • Business

    Ray Dalio Warns Money Is in Jeopardy, Favors Inflation-Linked Crypto

    February 2, 2023

    BIT Mining Limited Regains Compliance with NYSE Continued Listing Standards

    February 2, 2023

    Bithumb’s de facto owner arrested over alleged embezzlement

    February 2, 2023

    Crypto Custody Firm Copper Alerted to Security ‘Incident’ Over Christmas

    February 1, 2023

    Cathie Wood’s Ark Invest Says Bitcoin Could Hit $1.5 Million by 2030

    February 1, 2023
  • Investment

    The Investor’s Guide to Crypto Options Trading

    February 2, 2023

    Pune software engineer loses Rs 13 lakh to crypto investment fraud

    February 2, 2023

    Crypto Investment Products’ AUM Surges as Investor Confidence Returns: CryptoCompare Report

    February 2, 2023

    Crypto Investors Can Purchase Bankruptcy Put Options to Protect Funds on Binance, Coinbase, Kraken Crypto Exchanges

    February 1, 2023

    Ethereum price forecast for February, including Morgan Stanley comments By Investing.com

    February 1, 2023
  • Upcoming

    S&P 500 rises to the highest level in five months Thursday as Meta leads a tech comeback

    February 2, 2023

    Looking For Something Different From Nubank and C6 Bank? Try Lanistar! – Sponsored Content

    February 2, 2023

    NYDFS Releases Guidance For BitLicensees And Limited Purpose Trust Companies On Asset Custody In The Wake Of Cryptocurrency Insolvencies – Financial Services

    February 2, 2023

    This Supreme Court Case Will Reverberate Throughout the Compliance and ESG World | NAVEX

    February 2, 2023

    Ethereum (ETH) Could Reclaim $2,000, Trader Says

    February 1, 2023
investorstoday.press
investorstoday.press
Home»Blockchain»Will Blockchain-Based Digital Currency Come Of Age?
Blockchain

Will Blockchain-Based Digital Currency Come Of Age?

maikdezana@icloud.comBy maikdezana@icloud.comJanuary 28, 2023No Comments3 Mins Read
Share
Facebook Twitter LinkedIn Pinterest Email

New Delhi:

Central Bank Digital Currency or CBDCs have captured the imagination of central banks around the world. Recently, the Reserve Bank of India (RBI) launched the pilot ‘digital rupee’ project and reports suggest that it may further expand the project “based on the learnings from the current pilot.”

Governor Shaktikanta Das’ recent statement on CBDC adoption indicates that ‘digital rupee’ may get a boost.

“Central banks issued digital currencies are the future of money and its adoption can help save on logistic and printing costs,” he said at a recent event. 

With the Union Budget around the corner, industry watchers expect some announcement regarding the digital rupee. 

“I think CBDC will be a hot topic of discussion in this year’s Budget,” says Kamlesh Nagware, CTO at Snapper Future Tech, a blockchain firm. He believes that Finance Minister Nirmala Sitharaman may announce measures to enable offline, cross-border payment and digital asset ecosystem for CBDCs.

The Government of India has been a votary of CBDCs. In her last Budget speech, Ms Sitharaman said digital rupee will lead to a more efficient and cheaper currency management system.

For the unversed, CBDCs are the digital version of the official currency, backed by the central bank. They are very often backed by blockchain technology, as is the case with the digital rupee.

“In the CBDC trial phase, 16,000 users made e-rupee transactions in one month. The beginning is excellent and holds enormous potential for the future of e-rupee,” believes Amogh Tiwari, Founder of DayFi, an NFT-based financial utilities company.

Experts believe that blockchain is likely to get impetus in the coming years, with the Ministry of Electronics and Information Technology coming out with a ‘National Strategy on Blockchain’ in December 2021. Interestingly, this report mentions the idea of a government-backed digital currency wallet for transactions in the farm sector. 

“We expect proper allocation for blockchain and its application on Indian infrastructure like cargo, finance, digital documents etc in this year’s Budget,” says Mr Tiwari. 

CBDCs are among the most well-known use case of blockchain technology, which is considered safe, trustworthy, and transparent. Any discussion on CBDCs, however, is incomplete without their comparison with cryptos, which are also run on the principles of blockchain.

With the RBI governor calling crypto currency “nothing but gambling” while calling for an outright ban and the Finance Minister seeking an international collaboration for crypto regulation, the future of Indian crypto market continues to be in limbo. 

“There is no relation between crypto and CBDC. The government will focus on the latter as an alternative,” says Mr Nagware. Mr Tiwari too speaks on similar lines and adds that CBDCs represents a significant step in the adoption of blockchain. 

Both believe that digital rupee will help in larger adoption and mainstreaming of digital currencies in general across the country. “E-Rupee will help to build stronger regulations because the government and stakeholders could have wide level understanding of digital currency and digital assets,” says Mr Nagware. 

According to one estimate, adopting digital assets like CBDCs and other blockchain-backed assets can help India add $1 trillion to its economy by 2032. 

Featured Video Of The Day

“More Optimistic Than Before:” Tech Mahindra Chief On Indian IT Sector

blockchain cbdc digital currency UNION BUDGET 2023
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
maikdezana@icloud.com
  • Website

Related Posts

BlockJoy raises $12M to help cut operating costs for businesses running blockchain nodes • TechCrunch

February 2, 2023

Blockchain Futurist Conference — Canada’s biggest crypto conference returns for fifth year

February 2, 2023

WEMADE and Metagravity Sign Strategic Alliance MOU to Collaborate on Blockchain Games for the Metaverse

February 2, 2023

Will Polkadot’s [DOT] new parachain fix the blockchain?

February 1, 2023
Add A Comment

Leave A Reply Cancel Reply

Top Posts

Subscribe to Updates

Get the latest crypto news

Advertisement
Demo
Top Insights

Empowerment Over Fear: Bitcoin, Home Birth And Responsible Sovereignty

March 26, 2023

Why We Opened The Belgrade Bitcoin Hub

March 25, 2023

How Will Bitcoin Adapt To Banking Uncertainty?

March 25, 2023
Get Informed

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

Categories
  • AltCoins (1,399)
  • Bitcoin (1,529)
  • Blockchain (1,384)
  • Business (1,378)
  • Crypto (1,365)
  • Investment (1,383)
  • Metaverse (1,361)
  • Upcoming (1,319)
Facebook Instagram
  • Contact Us
  • privacy policy
  • about us
© 2023 Designed by investorstoday.

Type above and press Enter to search. Press Esc to cancel.