PNN
New Delhi [India], November 12: Hashtag Web3's latest report, Central Bank Digital Currency in India, provides a comprehensive look at India's transition to the Digital Rupee. This collaborative analysis, enriched by insights from over 30 industry experts and the Web3 community, examines the potential impact of a Central Bank Digital Currency on financial inclusion, economic growth, and digital payments in India.
To access the full report, visit hashtagweb3.com/cbdc and explore how the Digital Rupee could shape a more inclusive, resilient, and secure digital economy for India.
India's digital payment landscape has already seen remarkable progress with the UPI, which recently processed over 1,650 crore transactions in just one month. Building on this success, the Digital Rupee aims to further extend financial access to India's diverse population, including the estimated 19 crore unbanked individuals.
The report offers a look at India's CBDC development and its transformative potential. One key area is financial inclusion, where CBDC's offline capabilities could extend secure financial services to nearly 20 per cent of India's unbanked population, especially in rural areas.
The report explores India's CBDC development and transformative potential, particularly in advancing financial inclusion to reach nearly 20 per cent of India's unbanked population, especially in rural areas. From a global comparison perspective, it examines India's approach alongside China's digital yuan, which already serves 260 million users, highlighting India's plans for large-scale adoption. The report also addresses privacy, emphasizing the need to balance transparency with individual privacy to build trust. Additionally, it considers the impact on traditional banking, exploring potential changes to deposits, loans, and the financial landscape as India moves toward a digital future.
"India has already led a digital payments revolution with UPI, and the introduction of a Central Bank Digital Currency has the potential to further transform and strengthen the country's financial system," said Vedang Vatsa, Founder of Hashtag Web3. "This report is a collaborative effort, combining data-driven insights and expert voices from across our community."
With ongoing retail and wholesale CBDC pilot programs, the report includes early findings from trials that have engaged over 5 million users and 420,000 merchants across India. Insights from these pilots, along with expert commentary, provide readers with a well-rounded view of the real-world implications of CBDC.
For anyone interested in understanding the future of money in India, this report provides a data-backed, expert-driven view of how the Digital Rupee could shape a more inclusive, efficient, and secure digital economy.
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