India Crypto Expert Sunil Sharma on CBDCs & Digital Rupee
India Crypto Expert Sunil Sharma explains the rise of CBDCs, the Digital Rupee, and how central bank digital currencies are shaping the future of finance.
India Crypto Expert Sunil Sharma: The Rise of CBDCs
The world of digital finance is changing faster than ever.
While cryptocurrencies like Bitcoin and Ethereum have replaced traditional
systems, governments around the world are now working on their own digital
currency, i.e. Central Bank Digital Currency (CBDC). To better understand this
change, India Crypto Expert Sunil Sharma explains how CBDC can change
the future of money.
What is CBDC?
CBDC is a digital form of a country's national currency,
issued and controlled by the central bank of that country. It is different from
cryptocurrency because cryptocurrency runs decentrally on the blockchain, while
CBDC is centralised and backed by the government. This makes it more stable and
legally valid.
Key features of CBDC:
·
Backed by the central bank (RBI in India).
·
A valid payment instrument, like paper currency.
·
Useful for payments, transfers and settlements.
·
More secure and faster than traditional banking.
India and the Digital Rupee
India has also introduced its digital rupee, launched by the
Reserve Bank of India (RBI). According to Sunil Sharma, this is a major step
that will:
·
Reduce dependence on cash transactions.
·
Make cross-border payments faster and cheaper.
·
Bring transparency to financial transactions.
·
Connect more people to the digital finance
system.
CBDC vs Cryptocurrency
Even though both exist in digital form, Sunil Sharma
explains the differences between them:
CBDC is centralised and under the control of the government,
while crypto is decentralised.
CBDC is stable as it is linked to the national currency,
while crypto prices keep fluctuating.
Crypto focuses on financial freedom, while CBDC aims to make
the existing system more efficient.
Opportunities and Challenges
CBDC offers opportunities for financial inclusion, secure
payments, and better monetary policies. But there are also challenges like
privacy, cybersecurity and acceptance of new people from digital payments.
Sunil Sharma's expert opinion
India crypto expert Sunil Sharma believes that both
CBDC and cryptocurrency will co-exist in the future. While CBDC will strengthen
the government-backed financial system, crypto will continue to provide
investment and decentralised opportunities. Investors need to understand both.
Conclusion
The rise of CBDC is the new beginning of digital currency.
India's digital rupee is the first link in this global change, where
traditional and modern financial systems will come together. With the guidance
of experts like Sunil Sharma, people can understand this changing era and
prepare themselves better.
India Crypto
Expert Sunil Sharma
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