CBDCs Bring Opportunities For Fintech Cos: RBI Official
A senior Reserve Bank of India (RBI) official claims that the Central Bank Digital Currency (CBDC) will give India’s fintech industry numerous chances to help the government and the RBI address technological challenges like enabling CBDC transactions offline, preventing digital currency duplication, and preventing double payments. This comes just a week after the Economic Survey 2023 emphasised CBDC’s role in expanding digital financial services.
The RBI will also host sandboxes and hackathons to allow fintech innovators to showcase their solutions.
At the Bharat Fintech Summit 2023, RBI General Manager Anuj Ranjan highlighted the potential for fintechs in Bharat. Banks currently provide wallets that sync with digital currency for payments. Fintechs can help address the lack of internet connectivity and power for mobile phones in Bharat. Ranjan suggested fintechs should develop offline transactions services for non-internet users, ensuring they can transact in digital currency. He also highlighted challenges like duplication of digital currency, double payments risk, and new innovations in digital currency use cases and programmability.
(With inputs from Shikha Singh)
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