What would be the impact of new Indian digital currency?
Several industry experts are contemplating what impact the digital rupee, known as CBDC, will have on the fintech sector in light of its introduction in the Budget 2022.
By minimizing cash printing and logistics management issues, maximizing new opportunities, and securing and facilitating digital payments and online transfers, the CBDC will transform the fintech sector.
Additionally, CBDC issuance will lead to a more efficient and systematic currency management system.
The increased use of crypto currencies, as well as people's interest in investing in crypto currencies, has led the government to create its own digital currency.
With the CBDC launch, payment sets-ups will be globalized in a cost-effective way.
Pramod Chandrayan, Co-Founder & CPO, FinMapp stated, “Enforcement of CDBC will increase taxpayers, simultaneously resulting in the growth of creditworthy user profiles. It will ultimately boost the lending side of the business for the fintech industry.