India may launch its CBDC by 2023
Indian Central Bank-backed electronic wallet will play a role between the merchants and customers to use Indian CBDC.
India is a tech supporter country. Right now the crypto industry is in a gray region in India but the country is ready to adopt blockchain technology with full clarity. However, the central bank of India was already working on Central Bank Digital Currency (CBDCs) research and development but more clarity on the initiative of the government can be seen through a recent parliament budget session.
A top government official talked about the planning of CBDC, in an interview with The Press Trust Of India.
According to the government officials’ statement, the Indian government will launch its electronic wallet to give the facility of Indian CBDC, digital Rupee, transactions. That electronic app will work as a Middle man between the payment sender and receivers and probably we will see launching of Digital Rupee wallet in next year.
The official also stated that the electronic wallet app will track the user’s financial activities unlike other private issues in Digital wallets. And Reserve Bank of India, Central Bank, will take care of its Data of tracking users’ activities through the wallet.
According to experts, Digital Rupee will allow a better tracking control for the Reserve Bank, which will be different from private companies backed payment wallets like Phonepe, Paytm, GooglePay, etc. Payment will remain stored in the government-backed wallet.
Accessibility of CBDC for private companies
In the present time, the Majority of the countries are doing research and development on the CBDCs and only a few of them are in the pilot phase, so it is very tough to come to know whether private companies will be allowed to use the CBDC based services just like Crypto blockchain network independently or it will remain limited just like traditional Bank services.
However, this will remain a question for every citizen of every country until governments will not launch their CBDC 100%. And also here we should remain ready for different laws by different countries on CBDCs, so we should not consider anything from the example of other Countries’ CBDCs efforts.
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