Digital Rupee and India Stack: Can other countries also replicate the model?

economictimes.indiatimes.com:

RBI's CBDC, also known as the digital rupee, is a new way to utilise the money that isn't much different from the banknotes that are now in circulation. The only difference is that the digital rupee is anticipated to be used more frequently and traded digitally. The CDBC is promoted as being more secure than private cryptocurrencies because it is an electronic version of sovereign cash. Any currency that is only offered in electronic form is considered digital currency. Many countries' financial systems already heavily rely on electronic forms of currency. However, digital currency can only be exchanged virtually and never leaves a computer network. As more and more of our daily activities are undertaken online and as the international economy becomes more digital, digital assets have grown in significance. The following points highlight the importance of digital assets: In comparison to traditional asset classes, digital assets may be easily stored, transferred, and sold on digital platforms, which can speed up operations and save costs.

Did you Know?

SAP has launched a new enterprise on the Metaverse with the aim of accelerating cloud adoption among Indian firms. The interactive and immersive ‘cloud on wheels’ platform will enable customers to experience the full range of SAP’s offerings and reimagine processes for improved business outcomes.

Financial services are now more readily available to consumers in nations with potentially limited access to traditional banking services because of digital assets like cryptocurrencies that enable peer-to-peer transactions without the need for middlemen. The majority of the time, digital assets are decentralised, or not under the jurisdiction of a single organisation