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Central Bank Digital Currency: Assessment of Digital Financing Approach Towards Safe Cashless Economy in India
Abstract
Cryptocurrencies create their own strong place in the world economy, even as governments and central banks acknowledge that the blockchain technology empowers cryptocurrencies. But they also worry that cryptocurrencies are designed to bypass established financial systems, even sovereign ones. This is why governments of different nations are developing the electronic form of fiat money that will be used in contactless transactions, called a central bank digital currency (CBDC). It is considered a form of digital currency with the aim of stabilizing the development of big unregulated markets, preventing misuse for money laundering and terror financing, and ensuring control. This chapter is attempting to examine the impact of CBDC towards a cashless economy in India, and the study about CBDC is important where cryptocurrency challenges the monetary system of central bodies and where some safest and regulated digital currency is required for the future economy of cashless. The findings suggest opportunities, challenges, and forthcoming policies for other nations to support CBDC.
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