India aim to have 1 Million CBDC Users in 3 Months

India is one of the leading countries in the world of central bank digital currency and this is also called CBDC in short. More people are familiar with this name and even so many countries are working on this to make it available in their countries. It is the era of technology and things are evolving fast it highly advanced form of technology. Crypto itself is a form of highly advanced technology that is making things easy for us and also provides the option for us to process faster money transfers from one place to another. Cross-border payment can be shown easily with the environment of blockchain and cryptocurrency.

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As I already mentioned that India has got the lead year and they have already completed their pilot phase for cbdc. Now they are going ahead with this and at least 1 million at 2 users in the next 3 months will start using the digital fiat currency. It sounds tough and a bit difficult but I don't think that is not a possibility because this can happen with more adoption of data and technology by the people. More people in India who live in metro cities are well aware of the technology. Such people can be the initial target for the Government and they can help the government build a strong safe and sustainable structure to implement currency across the country.

This may sound good as citizens in India are going to get digital money which is equivalent to the Fiat currency. It is going to be a big move by the country where they will be able to save a lot of money on the logistic expenses to manage the physical currency. The government can indeed not completely to this digital payment solution instead they can do it in phases. Steel some so many people are not familiar with the phone and technology so they need to be educated about it.

If a country is expecting a digital economy then this type of initiative sir much-needed elves will not be easy to achieve the target. Even now so many people are using digital money from different companies. It shows that India has got a bigger group of people who are ready to use the tech products or services that can make things easy for them. There are so many wallets that are working in the country and they have captured almost the entire market through their services. It is a classic example that how people are familiar with the services or the application that is providing them the possibility or their opportunity to move away from physical currency.

This is going to be a long-term process however there should be some planning in place and it seems that they should be having it soon. This one million active users in 3 months is not easy but it's not impossible that cannot however try with this kind of momentum can bring a major population with cbdc. Another possible scenario is that there are people who are not much familiar with the concept but if proper in provided to them then they will not hesitate to support this.

People use some wallets in India for making digital payments and if there is an option from the government itself then I am sure more people are going to be customers of that particular service provided by the government. I am trying to keep a close eye on this however till now I have not seen any platform accepting this form of payment which is in digital form. I just hope that India tries to follow a different strategy that can attract more people to be part of it as this process is going to take well longer and we have seen a similar situation in the past.

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