Central Bank Digital Currency (CBDC) will be a focus in this decade:
With the advent of private decentralized cryptocurrencies like Bitcoin, Ethereum, etc. central banks of different countries are playing catch-up with the digital currency. After realizing the significant lead that private cryptocurrencies have taken, the central banks have finally woken up and currently, 50+ countries are in various stages of digital currency development. China with its digital yuan (DCEP) is leading the pack and it is expected that country-wide implementation will be done by the end of 2021.
The government of India will introduce The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 which will ban trading in private cryptocurrencies such as Bitcoin and will provide legal powers to RBI to develop CBDC.
50+ Countries are in various stages of CBDC implementation, an area where India may seem lagging behind but execution may decide future positioning of CBDC.
