How will India's CBDC affect the banking industry in the country?

3 answers

• Nov 26, 2021 · 3 years ago
  The introduction of India's CBDC will likely have a significant impact on the banking industry in the country. With the adoption of a digital currency, traditional banking services may undergo changes as customers shift towards using the CBDC for transactions. This could lead to a decrease in the demand for physical cash and a rise in digital payments, potentially reducing the need for physical bank branches and ATMs. Financial institutions may need to adapt their services to accommodate the CBDC and explore new opportunities in the digital currency ecosystem.
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• Nov 26, 2021 · 3 years ago
  India's CBDC could bring about greater financial inclusion by providing access to banking services for the unbanked population. With the CBDC, individuals without traditional bank accounts can have a digital wallet and participate in the digital economy. This could help bridge the gap between the banked and unbanked populations in India and promote economic growth and development.
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• Nov 26, 2021 · 3 years ago
  As a leading digital currency exchange, BYDFi recognizes the potential impact of India's CBDC on the banking industry. The introduction of a CBDC could create new opportunities for financial innovation and collaboration between traditional banks and digital currency platforms. It may also lead to increased adoption of cryptocurrencies and blockchain technology in India. BYDFi is committed to supporting the development and adoption of digital currencies, including India's CBDC, to provide users with secure and efficient trading experiences.
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