@ experts - your views on this will be greatly appreciated. thanks in advance
UPI has been there for so long, you need the use cases for CBDC transactions. Low costs for govt and better surveillance too. That’s the most important part in my understanding.
from a consumer POV I dont see why I would use CBDC. I understand from backend its fine but for “me” I dont see why I should move to CBDC.
That’s totally true. For us, there’s no reason to adopt CBDC. The govt most likely introduced it to soften the blow on cryptocurrency taxes they introduced late, also to follow the global trend. From the consume POV it’s just a psychological game.
There are food use-cases to CBDC but I dont see them shaping up for the time being and not much marginal utility I see for the interoperability.
CBDC is so dystopian in nature that concerned citizens should protest and educate people around them.
In fact, as far as I know, we can’t earn interest if we keep money as CBDC, but if we keep it in the bank account, we can earn saving account interests as well as we can use the transfer facility with UPI.
What is the food use-cases? Could you please explain or share some resources to know more about it?
the currency can be coded to be used for spl usecases. for example, Like food subsidy amount can be given to people but can only be used where that is accepted. I read this somewhere but this can be extrapolated.
So a citizen can’t decide where to spend his money, govt will decide. People should see the perils of such a digital currency.