India's Digital Currency | Central Bank Digital Currency India | CBDC | #cajaspreet_singh_johar

https://i.ytimg.com/vi/f0Ft1OR–XY/hqdefault.jpg , 133 , 5.00 , CONCEPT NOTE ON CBDC DOWNLOAD LINK: https://drive.google.com/file/d/1dNC_x3qn9Ox0dMiGTq7PUmfKQAycC7Uw/view?usp=share_link

00:00 Introduction
00:44 Cyrepto Currency Amendments
02:12 CONCEPT NOTE
06:32 Recent past or background
12:22 Definition of CBDC
14:39 Objectives of CBDCs
18:50 How CBDCs will work
23:49 Type of CBDCs
24:30 Aim of CBDCs
25:08 Offline System
27:01 Launching Coming Soon
29:42 Apprehensions
32:43 Final Words

CONCEPT NOTE ON CBDC
The concept note on ‘Central Bank Digital Currency’ was released by the FinTech department of the RBI on October 7, 2022 and it aims to
(a) promote awareness about the CBDC or Digital Rupee
(b) clarify the RBI’s approach to the issue and
(c) describe the possible uses and features of the Digital Rupee

Recent Past
After the popularity gain for cryptocurrency, the RBI has been envisioning the releasing a digital currency and indicated its intentions in its Budget 2022 about digital equivalent to the rupee may be rolled out in the financial year 2022-2023. cont…

Definition of CBDC
CBDC is defined by the RBI as legal tender issued by a central bank in a digital form. It is analogous [similar in some way; that you can compare] to paper currency but takes a digital form. The RBI states that it will be exchangeable at par with the existing currency and will be accepted as a medium of payment and legal tender. The CBDCs would appear as a liability on the central bank’s balance sheet.

Objectives of CBDCs
The key incentives for the issuance of a CBDC are
(a) reduction in operational costs involved in physical cash management
(b) encouraging innovation in the payments and settlement systems
(c) to provide the public with access to a digital currency and all the benefits digital or virtual currency currencies can provide without the accompanying risks.
RBI has decided to introduce a digital currency in a phased manner to provide the benefits of cryptocurrencies without the burden of their risks.
How CBDCs will work
The RBI has proposed that the CBDC could be structured as ‘token-based’ or ‘account-based’.
(a) Token Based
• It will be just like bank notes where-in the bearer of it is presumed to be the owner of such banknote.
• Similarly, under token-based CBDC system, the holder of the token at any given point is the presumed owner.
• Token-based CBDCs would require the bearer to verify the authenticity of their token
• It will be a preferred mode for the retail form of CBDCs as it has features of banknotes
(b) Account-based
• This system would require maintenance of records of balances and transactions of all CBDC holders which would then signify the ownership status, which would then be verified by an intermediary.
• This system would be more beneficial for the wholesale form of CBDCs.

Type of CBDCs
The RBI has stated in the Concept Note that there are 2 forms of CBDCs which may be introduced:
(a) CBDC-R which is retail oriented: which would be able to be used by all for general retail transactions and
(b) CBDC-W which is wholesale oriented: would be able to be used by select financial institutions intended for interbank settlement of transfers.

Aim of CBDCs
The CBDC is aimed to complement, rather than replace, current forms of money and it will provide an additional payment method to users and not to replace the existing payment systems

Offline System
For offline transactions, the wallet must be able to independently verify the authenticity of transactions without communicating with the server. Thus, a system is being framed for the same.

Launching Coming Soon
While 10 countries have already launched a CBDC, the first being the Bahamian Sand Dollar in 2020 (launched by the Bahamas) and the latest being Jamaica’s JAM-DEX

Apprehensions
RBI may be having the following apprehensions
(a) Whether CBDC should carry interest, as it will result in reduction of the deposits held with the commercial banks and
(b) CBDC will be a liability on the balance sheet of the RBI and not of the commercial banks, it will affect the book entries of both as it is expected that a sizeable percentage of the current currency will be converted to CBDCs.
Final Words
Overall “digital rupee” is a welcome move of RBI. While it may take some time to smoothen out the whole process, the CBDC system will definitely have a positive impact on India’s digital economy by increasing the efficiency of the monetary and payment systems.

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