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CBDC's FinTech Innovations: Socioeconomic Implications and the Need for Digital Detox
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Author(s): Priya Makhija (Center for Management Studies, Jain University, India), Megha Kukreja (Center for Management Studies, Jain University, India)and R. Thanga Kumar (Center for Management Studies, Jain University, India)
Copyright: 2024
Pages: 11
Source title:
Business Drivers in Promoting Digital Detoxification
Source Author(s)/Editor(s): Simon Grima (Department of Insurance, Faculty of Economics Management and Accountancy, University of Malta, Msida, Malta & Faculty of Business, Management and Economics, University of Latvia, Riga, Latvia), Shilpa Chaudhary (Lovely Professional University, India), Kiran Sood (Chitkara Business School, Chitkara University, India & Research Fellow at the Women Researchers Council (WRC) at Azerbaijan State University of Economics (UNEC), Azerbaijan)and Sanjeev Kumar (Lovely Professional University, India)
DOI: 10.4018/979-8-3693-1107-3.ch003
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Abstract
As the global financial landscape continues to transform to technological improvements, the emergence of CBDCs represents a significant turning point in financial systems. The central bank of a country issues and controls CBDCs, which are digital representations of sovereign money. Fintech and CBDCs are closely related because of the building pieces of the CBDC operation, which include blockchain or distributed ledgers, digital currency wallets, and dependable payment gateways. The adoption of Central Bank Digital Currencies (CBDCs) has the potential to have a significant impact on the fintech industry and could, in some cases, result in a fintech boom. The goal of this study is to develop a comprehensive knowledge of CBDCs' integration with fintech, their wide-ranging effects on society, and the potential need for digital detoxification techniques to balance off the unwanted effects of growing digitalization which can lead to financial innovation and personal well-being in the digital era by looking at CBDCs from both a technology and human-centric standpoint.
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