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Digital currency: an awareness of the future of central bank digital currency in India

Author

Listed:
  • Cyriac Philip Alexander
  • Tabitha Durai

Abstract

Digital currencies are the latest trend around the world, and India will have its form of the same starting 1 April of the next fiscal year. It would simply reflect the popular physical currency in digital form. The 'digital rupee, ' as it will be known, would be issued in digital form by the Reserve Bank as well as will be exchangeable with physical currency. India's push toward digital payment options were altered in 2016 when the demonetisation of money occurred. Although it was a difficult decision for a country where 90% of transactions are made in cash, people quickly adopted digital payment methods in India. The proliferation of smartphones and the availability of user-friendly payment options such as PAYTM and BHIM UPI have aided the adoption of digital payment systems. The objective of the research aims in gaining a better understanding of central bank digital currency (CBDC) among the public. The qualitative research method used books, journals, newspapers, and websites as data sources. The study highlights advancements in digital money transactions, elements of CBDC, a new threshold for CBDC, a distinction between digital currencies and cryptocurrencies, and challenges for CBDC.

Suggested Citation

  • Cyriac Philip Alexander & Tabitha Durai, 2024. "Digital currency: an awareness of the future of central bank digital currency in India," International Journal of Services, Economics and Management, Inderscience Enterprises Ltd, vol. 15(6), pages 667-676.
    • Handle: RePEc:ids:injsem:v:15:y:2024:i:6:p:667-676
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