His insights on CBDCs:
Digital currencies are increasingly becoming popular as the cryptocurrencies like Bitcoin and Ethereum created the demand in the last five to six years. The new RBI Deputy Governor, Shri.T.Rabi Sanker, conveyed about introducing CBDC in a phased manner in the country.CBDCs are legal tenders in contrast with illegal cryptocurrencies. RBI’s CBDC in the country is a welcome initiative as the Central Banks worldwide showing keen interest to launch digital currencies in their countries. Further, Digital transformation is in full swing, especially in Banking & Financial Services, E-commerce, Education, Technology, etc. Citizens live in Metros, Tier-I, II, III and IV cities using digital banking services, payment wallets like Paytm, PhonePe, Google Pay etc. Moreover, Fast-Tag implementation, with support by the National Payment Corporation of India (NPCI), brought a new digital payments culture across the country. With these achievements, it is an opt time for launching a CBDC in the country.