It's quite unclear how CBDC will deliver the greatest promise of cryptocurrency - decentralisation. For one, decentralisation necessitates gas fees (at least now with proof-of-work model), which is not feasible for CBDC, and second, decentralisation in highly redundant. At best, CBDC looks like it would be a government-run Paytm, where you can top up your wallet, and your bank is not directly involved in every transaction like UPI. That doesn't quite promise anonymity though, and I suspect people demanding anonymity don't want the government to track as well.
CBDC will be centralized; it's in its name. The thing is it's not competing with decentralized currencies, it's just more like a direct replacement for UPI, removing the frictions of different banking institutions, just like he said. Transactions will also be a lot more efficient compared to protocols using PoW, basically eliminating gas fees. Redundancy, yes it's a nice to have, but mostly irrelevant if the system is built to be operational 24/7, and I doubt such critical systems will have significant downtimes, if any.
Crypto is cryptic. Currency is all about belief and trust system. We are already up for trouble after delinking of gold with paper notes post 1971. It’s better to introduce governed CBDC rather than Crypto. The only premise on which crypto is operating is that it’s “limited” and “anonymised” . With so many crypto in market now, it’s not limited anymore. Why should a transaction be anonymised anyway?
Informative video. However, what we need now is this - RBI should start e-Rupee wallet totally free of cost (otherwise similar to ay Paytm etc.). This will complement the UPI system of payment. And RBI should cancel currency notes of Rs. 500 and Rs.2000. (i.e. all currency notes above Rs.100). This will make black money generation quite difficult and reduce cost of management of currency. Once E Rupee wallet stabilizes, RBI can introduce CBDC in due course. Anonymity is not and should not be the primary criteria. We need nuanced response. to this new technological phenomenon.
Video is very informative but fails to explain the title- ‘is there a case for digital if we have upi’. It looked like more an explanation of CBDC than benefits over upi.
I still can't understand the concept, if I am using it as a digital wallet and ultimately I'll have to add money from bank account, what is the need of it? Isn't it same as Paytm? Can someone explain
Sir please explain future of banking system if digital payments are directly done by RBI. Role of bank dilutes. How bank will get amount in savings account. Future of FDs RDs saving account. Suppose I m sanctioned loan , how will payments be effected. Something is missing gap between my bank account and RBI. 2. If I have saving account in multiple banks. Generally, people use multiple accounts for purpose of sharemarket, retail expenses in cash, then UPI payment or rent, other income sources, nro or salary account I feel soon there will be few banks remaining in India. Earlier RBI detached all its department to autonomous banks viz industrial account, export import, agriculture etc Again RBI is taking all these responsibility
when UPI has gained so much popularity and reach even to the lowest street cart vendors, where is the need for digital currency? criteria should be to make all transactions official.
I saw your every episode sir .very very good initiative sir
NO TO CBDC
privacy is gone then
It's quite unclear how CBDC will deliver the greatest promise of cryptocurrency - decentralisation. For one, decentralisation necessitates gas fees (at least now with proof-of-work model), which is not feasible for CBDC, and second, decentralisation in highly redundant. At best, CBDC looks like it would be a government-run Paytm, where you can top up your wallet, and your bank is not directly involved in every transaction like UPI. That doesn't quite promise anonymity though, and I suspect people demanding anonymity don't want the government to track as well.
CBDC will be centralized; it's in its name. The thing is it's not competing with decentralized currencies, it's just more like a direct replacement for UPI, removing the frictions of different banking institutions, just like he said. Transactions will also be a lot more efficient compared to protocols using PoW, basically eliminating gas fees. Redundancy, yes it's a nice to have, but mostly irrelevant if the system is built to be operational 24/7, and I doubt such critical systems will have significant downtimes, if any.
Crypto is cryptic. Currency is all about belief and trust system. We are already up for trouble after delinking of gold with paper notes post 1971. It’s better to introduce governed CBDC rather than Crypto. The only premise on which crypto is operating is that it’s “limited” and “anonymised” . With so many crypto in market now, it’s not limited anymore. Why should a transaction be anonymised anyway?
Informative video. However, what we need now is this - RBI should start e-Rupee wallet totally free of cost (otherwise similar to ay Paytm etc.). This will complement the UPI system of payment. And RBI should cancel currency notes of Rs. 500 and Rs.2000. (i.e. all currency notes above Rs.100). This will make black money generation quite difficult and reduce cost of management of currency. Once E Rupee wallet stabilizes, RBI can introduce CBDC in due course. Anonymity is not and should not be the primary criteria. We need nuanced response. to this new technological phenomenon.
Thank you for explanation about CBDC in a simple and understandable manner
I like the way you explained. Very pinpointed and clear. Your way of articulation is simply great.
very simple and crisp explanation. Kudos!!
Video is very informative but fails to explain the title- ‘is there a case for digital if we have upi’. It looked like more an explanation of CBDC than benefits over upi.
TNice tutorials tutorial is so useful,I tried tons of other tutorials but tNice tutorials was the best one
Please continue this series
Quality #Journalism 💯 #TheHindu 👍
Amazing explanation looking forward to see many such vedios
Beautiful explanation!
I still can't understand the concept, if I am using it as a digital wallet and ultimately I'll have to add money from bank account, what is the need of it? Isn't it same as Paytm? Can someone explain
Very lucid explaination.ty sir
Very informative ✌️
Good Playlist
Good presentations.
Nicely explained
Sir please explain future of banking system if digital payments are directly done by RBI. Role of bank dilutes. How bank will get amount in savings account. Future of FDs RDs saving account. Suppose I m sanctioned loan , how will payments be effected. Something is missing gap between my bank account and RBI.
2. If I have saving account in multiple banks. Generally, people use multiple accounts for purpose of sharemarket, retail expenses in cash, then UPI payment or rent, other income sources, nro or salary account
I feel soon there will be few banks remaining in India.
Earlier RBI detached all its department to autonomous banks viz industrial account, export import, agriculture etc
Again RBI is taking all these responsibility
👍👍
Amazing!!
Sir one episode on chat Gpt and other alike
Thank you very much sir
when UPI has gained so much popularity and reach even to the lowest street cart vendors, where is the need for digital currency? criteria should be to make all transactions official.
🎉✌️
Good
CBDC is the solution for black money.