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AI, Nature & Legal Personhood
The Future of Central Bank Digital Currencies (CBDCs) in India
Central Bank Digital Currencies (CBDCs) are the digital versions of a country's sovereign currency, which is issued and regulated by its central bank. Unlike crypto currencies that rely on decentralized networks, CBDCs are centralized and backed by the nation's government, ensuring legal recognition.
CBDCs can be tailored for retail use for wholesale transactions. However, their implementation raises concerns about privacy and potential disruptions to traditional banking systems.
Top experts working in the CBDC space convened on stage Tech & Innovation Summit, for a discussion on the future of the payment method with Ayushman Baruah, Regional Bureau Head at Entrepreneur India.
Aishwary Vishwanath, Global Head of Payment and Fintech at Polygon Labs, explained the major factor involved with cryptocurrency against money issued from the bank and said that
"From a cryptocurrency perspective, a lot of stable coins try to imitate currencies. Mostly, all that money is just replicating your dollars. The money that is there is also a loan. The stable coins that you have are a loan. They are not actually backed by the government. It's basically the money inside a company against which there is a loan that has been drawn out and that loan is given out to you in the form of stable coins. So the level of backing from the government side, it's tremendously low."
Vishwanath added that if issuers like Circle and Tether fail, there may be a fair chance of people not getting their money back.
CBDCs were launched in India back in 2022 and since then, adoption rates in India have been underwhelming.
Sathvik Vishwanath, co-founder and CEO, Unocoin thinks that when it comes to any new technology, India has always been slow in adoption, as was the case with the internet, NEFT, RTGS in the country.
"But when it comes to CBDC, I think there is more friction as compared to other things. There are many countries which actually are not at all in favor of CBDC already, and generally India has taken a conservative view, like how it works in other countries."