digital currency (CBDC) also known as the 'Digital Rupee’. As of 30 June, more than a million users as well as 262,000 merchants had registered for the pilot on retail CBDC transactions. Industry experts termed CBDCs as transformative catalysts that will reshape financial inclusion, ensuring a safer and more affordable avenue for all individuals to engage in economic transactions.
“CBDCs empower the unbanked by providing them access to the formal financial system. apart from making micro-transactions viable, it provides financial independence, increases the propensity to save, and brings the user into the main banking framework. This microcurrency has the power to change lives! CBDC reduces the digital & economic divide in our country," said Padmaja Ruparel, Co-founder Indian Angel Network In a world where access to traditional banking services remains a distant dream for many, CBDCs emerge with a strong promise to bridge the gaping divide.
CBDCs operate on the robust foundation of blockchain technology, employing encryption and decentralized ledgers to safeguard financial transactions. “This inherent security will not only protect individuals from fraud and cyber threats but also instill confidence in the unbanked and underbanked populations, encouraging them to participate actively in the digital economy,"said Nikhil Aggarwal, Founder & CEO at Grip. CBDCs are inherently affordable as they would, eliminate financial barriers, offering a cost-effective means of conducting transactions, especially for those with limited cash.
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