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CBDC solution would enable Central Bank(s) to transform all Cash Transactions into Digital Transactions. It would facilitate Central Bank(s) to stop printing of currency note(s).
About
Central Bank already achieved digitization of significantly large number of payment transactions using network centric solution through Bank(s) or other similar institutions. However a breakthrough is yet to be achieved to transform all CASH TRANSACTIONS (especially person-to-person OR P2P cash transactions) into DIGITAL TRANSACTIONS in network independent environment. In simple words, countries need a solution / device to replace all currency notes in circulationand facilitate to stop printing of currency note(s). The other important feature(s) and functionalities of the device must be: -Even uneducated population should be able to use the device. -No dependency on communication network. -Record and maintain all transactions for future tracking and monitoring. -Enabling Government(s) to enforce transaction limit. -Finger print based / PIN based mechanism for secure usage. -Continue to recognize and respect Central Bank as custodian of device like custodian of banknote(s). Central Bank Digital Currency (CBDC) solution is capable to address all the above requirements and would enable government(s) to avail host of economic, socio-economic and security related benefits.
Key Benefits
Eliminate high cost / impact of • Currency Printing • disposal of soiled notes. • Counterfeit notes detected. Eliminate / minimise currency note(s) related security challenges : •Currency Smuggling across borders. •Illegal and Black Money being sent out of country. •Unauthorized routing of currency transactions. Economic benefits •Eliminate Cash as a source for medium of corruption and Black Money. •Saving in High Cost / minimising risk in Currency Distribution. •Eliminate constraints in enforcing cash transaction limits.
Applications
CBDC solution is applicable for all countries across the world. Each and every person, using currency notes, of all the country will get impacted by Central Bank Digital Currency (CBDC).