Finance | Page 6

114 countries (over 95 per cent of global GDP) are exploring a CBDC. While the current CBDC industry is a small one, the scope for innovation and offerings is vast.

The IMF-FSB synthesis paper on overall crypto asset regulation, that will be taken up at G-20 summit, says the macro-financial risks presented by crypto-assets are likely to be larger for Emerging Markets and Developing economies (EMDEs).

According to Ajay Kumar Choudhary, Executive Director, RBI, CBDC is a great motivation for most of the central bankers including RBI to bring it as an alternative for the customers to use it as per their choice and convenience.

Digital revolution in India has brought a paradigm shift in the banking system and financial transactions. The payment banks are at the heart of the ecosystem. The payments bank industry today is touching 150 million lives on a monthly basis, which is far larger than any other fitting category in the country.