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View | India's CBDC Journey: Lessons from global .. cks and why it still has the potential to succeed
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View | India's CBDC Journey: Lessons from global setbacks and why it still has the potential to succeed

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          🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source
CBDC should work within UPI, not as a separate system. If Digital Rupee is just another option on the same app people already use, adoption will happen naturally, suggests Polygon Labs' Aishwary Gupta.
The article from CNBC TV18 discusses the potential of India's Central Bank Digital Currency (CBDC) despite global setbacks. Polygon Labs, a blockchain technology firm, believes that India's CBDC has the potential to succeed due to several factors. Firstly, India's large and digitally savvy population provides a fertile ground for digital currency adoption. Secondly, the country's robust digital infrastructure, including the Unified Payments Interface (UPI), could facilitate the integration of CBDC. Polygon Labs highlights that while there have been challenges and skepticism regarding CBDCs globally, India's approach, which includes pilot programs and a focus on enhancing financial inclusion, could set a precedent. They also mention the importance of interoperability with existing financial systems and the potential for CBDC to reduce costs and increase efficiency in transactions. However, the article also notes that the success of CBDC in India will depend on addressing privacy concerns, ensuring security, and managing the transition from traditional currency to digital forms effectively.

Read the Full CNBCTV18 Article at:
[ https://www.cnbctv18.com/business/finance/cbdc-india-global-setbacks-potential-to-succeed-polygon-labs-19581668.htm ]