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1# Probably you think bankers will love to use Central Bank Digital Currency (CBDC), but CBDC fails miserably to impress bankers in India during the pilot wholesale program. It was assumed bankers would welcome CBDC and explain how good CBDC is to operate banking activities. The Reserve Bank of India (RBI) launched Central Bank Digital Currency E-rupee pilot wholesale program on November 1, 2022. In this testing phase, bankers use E-rupee in their operations. It increases their workload but does not bring any extra benefit.
7 comments
Why would bankers be happy? From what I understand with CBDCs they are out of business, since the population now needs only one account - with the central bank.
Instead of any other banks, citizens have a direct account in the central bank. It will be interesting to see how everything turns around. The way the central bank works on launching CBDC, they will implement that in some way. It's all about direct control and centralization of power.
Yes. That's why obviously banks are not happy. It's not just more hassle for them, it's basically putting them out of business.
In general, I've wondered about CBDCs, and in what way would they differ from fiat. Maybe faster transactions? Since they will lack privacy features, I really don't understand why people should use them.
It was supposed to make transactions faster. But bankers in India point out that it increases accounting work while they are not getting any benefits.
As far as heard, CBDC isn't just one thing. There's a retail and institution one. I don't know the details tho
Yes, there are some segments. There are wholesale CBDC and retail CBDC.