Future of CBDC and Digital Banking

Futuristic views on upcoming Digital Banking and CBDC systems.

Future of CBDC and Digital Banking

Gone are the days when we used to be happy to have hard cash in our pockets and money at home. When we had currency notes meant we have if not then nothing. Those currency notes were not issued or registered in your name so if unfortunately you lost then you were no longer the owner of those notes and who else found, was the only owner.

But now scenario is going to be changed, whether you physically own or not but you'll still be the owner of your wealth and it will be registered too. Nobody would claim that until you wish as World is going to enter into the era of new digital banking. In this era of Central Bank Digital Currency will be issued by central banks likewise they used to mint physical currencies.

Banks had to manage different affairs with respect to smoothly run currency operations in a country. Minting, circulation, illegal transactions and problem of fake currency were major tasks among the others. Now Central Bank have come up with an amazing idea to get rid of these hectic tasks. 

Banks will issues Digital Currencies and all above problems will be automatically resolved. But beyond that we still has to address some of our concerns. Below we are discussing them.

Advantages of CBDC and Digital Banks to General Public

  1. Cash in your phone: Importance of your phone will be increased as under new system transactions would be made by your phone only. You no longer need to carry hard cash in your hands.
  2. Safety of your wealth: You don't need to worry about the safety of your money because without your consent nobody would claim it as all transaction records will be maintained digitally by your banks.
  3. 24×7 Payments: Freedom to make payments wound the clock anytime, anywhere.
  4. Freedom from Bank Employees: You no longer need to run bank branches and request Government Bank Employees for minor work. All of us in India can better understand the situation of physical bank branches very well.
  5. Real-time Payments: You don't need to worry about the cheque clearance time or other time killing processes. Payments made and Payment settled other side, simple.

Advantages of CBDC and Digital Banks to Government

  1. Freedom from Minting: Government would save huge amount which it spends on currency minting and its safety to its circulation until in the hands of public. After the issuance CBDC all this expenditure would be saved.
  2. Freedom from maintaining physical bank branches: Once CBDC is in use, physical bank branches would be gradually closed because no body would be visiting these branches for banking.
  3. Bank on Website / App: Rather than opening new bank branches, banks will invest hugely in technology platforms to bring more user friendly products and to make digital banking on internet easier and interesting. Internet Banking Platforms will experience boom due to new shift of customers as well banks to Digital Banking.
  4. Automatic Tax deduction: We can only predict that automatic tax deduction might be a possibility from the money you have in your digital wallet. Because Government will have always information about the money you possess in your account so its probability that your payable tax would be automatically deducted.
  5. Your Transaction History: Yes your transaction history will always be there with Government and you wouldn't hide that too.
  6. Whom you pay?: Government will always know this. So nobody would make any illegal transaction anyhow. If made, will be caught..
  7. Government Control: You will be controlled by your Government. In extreme conditions, if your accounts freeze? In that case too you wouldn't be having cash in your pockets. Now you can think of this when there is financial crisis in Srilanka and people are on roads against their leaders, if CBDC system was there then what could be happened?🤷‍♀️ 
Express your concerns in comment section



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e-Rupi: Future of CBDC and Digital Banking
Future of CBDC and Digital Banking
Futuristic views on upcoming Digital Banking and CBDC systems.
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