RBI expects CBDC to improve cross border payments
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RBI which is known as the Reserve Bank of India is a government organization that manages the monetary part of the country. They are the ones creating different policies and guidelines for banks and financial institutions to follow. That's not all since they also plan multiple things in the country to ensure that anything related to the money goes smoothly and they are also the ones who print the physical currency whenever needed.
CBDC aka Central Bank Digital Currency which can also be called the digital form of Fiat currency has been launched in India recently. Although the government was able to launch the pilot project last year this year some banks have started offering it to retail users. RBI is quite confident about it and they expect something extraordinary as an outcome from this initiative. This is true that with digital currency, they will be able to save a lot of money on administration and logistic expenses and it will be convenient for the people.
It is true that with technology things become so easy and convenient so now since the Fiat currency will be available in digital form this will allow people to send and receive using mobile devices. As of now, there are very few banks that are providing this facility to the selected users and even I don't know if it is available on the merchant side because I haven't seen any shop offering this facility. this is in the initial stage so it must take some time to get implemented in more cities and merchants. Hopefully, in the next few years, we are going to see more adoption of the digital Fiat currency in the country and that is going to help a lot with digitization.
RBI expects that this is also going to solve the problem of cross-border payments and for those who do not know then I would like to mention here that this is the same government body that is against cryptocurrencies. They were never able to provide any proper justification but since the beginning, they had the same stand. we will see how it goes in the future and what positive impact this digital fiat currency brings to the country.
Nice post, it remains to be seen if all government worldwide will adopt cbdc instead of accepting cryptocurrency as a payment method
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