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DIGITAL CURRENCY COULD WELL BE THE MONEY OF THE FUTURE
THERE ARE THREE MAIN TYPES OF DIGITAL CURRENCIES: CRYPTOCURRENCIES, STABLECOINS,
AND CENTRAL BANK DIGITAL CURRENCIES
February 11, 2022 / 10:22 AM IST
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REPRESENTATIVE IMAGE
Sujai Raina
In payments, as in every other sphere, technological innovations have
drastically altered social behaviours – businesses and consumers have actively
sought the convenience of contactless payments, digital wallets, and virtual
payment solution to pay or be paid in a secure, seamless way, especially since
the pandemic hit. According to Reserve Bank of India’s (RBI) digital payment
index, there was a 40 percent growth in the adoption of digital payments across
the country in a year through September 2021[1]. But today, even newer
innovations such as Digital Currencies await, with promising prospects of
revolutionizing payments.
In its simplest form, digital currency is a digital form of cash, which is
stored, managed, and exchanged digitally, directly between senders and
receivers. It is thus different from the money stored in your bank accounts and
used for payments or transfers. In a normal payment transaction done via online
banking, UPI or even Cards, the money itself does not move from one entity to
another; instead, an intermediary such as your Bank or a network like Visa,
reconciles and settles the change in balances. When you transact with digital
currencies, however, the actual digital asset is transferred between parties
akin to a payment with cash, without the need for an intermediary. Every
transaction made through digital currencies is usually stored in a publicly
distributed ledger running typically on the Blockchain - a digital database that
records information in an immutable way and can be accessed by using
cryptographic keys.
Digital currencies: Then and now
Since the first ever digital currency network went live in 2009, innovation in
the space has birthed a flourishing ecosystem of digital assets with new forms
and applications that have evolved with time and captured the imagination of
fintechs, banks, payment networks and governments across the world. Visa, for
instance, has partnered with over 60 leading crypto platforms[2] on card
programs that make it easy to convert and spend digital currency across millions
of merchants worldwide.
Close
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There are three main types of digital currencies— Cryptocurrency, Stablecoins,
and Central Bank Digital Currencies (CBDCs). Cryptocurrency, the earliest avatar
of digital currency, was an attempt to create a form of money that did not rely
on a central intermediary; viewed by many as an asset similar to stock or
digital gold, cryptocurrencies have faced several challenges including price
volatility, lack of governance or regulation and importantly - from a user
perspective - limited acceptance and interoperability. In the mid-2010s,
Stablecoins were introduced. Issued by private entities, Stablecoins can be
backed by assets and fiat currency and address the price volatility challenge,
increasing the likelihood of being used for payments.
All eyes however are on CBDCs. Seeing the burgeoning consumer interest around
cryptocurrency and stable coins over the last decade, a number of central banks
across the world have directed significant attention on developing their own
digital currencies— CBDCs. These emerging payment innovations could potentially
be used as legal tender for global commerce, much like fiat currency. Several
countries such as Sweden and China have already launched their version of CBDCs
via the e-Krona and e-CNY respectively. The Reserve Bank of India is also
evaluating the introduction of a CBDC, a Digital Rupee, for India.
Harnessing the potential of CBDCs
CBDCs have several advantages over other digital payment systems; payments using
CBDCs are final and thus reduce the risk of settlement. CBDCs could also
potentially create a more real-time and cost-effective globalization of payment
systems allowing say, importers and exporters to settle payment for goods or
services directly, without the need of an intermediary. Indeed, given its
advantages CBDCs can be used for diverse use-cases; for example, retail CBDCs
for transactions between consumers and businesses, and wholesale CBDCs for
conducting interbank transfers and settlements, offering significant value in
terms of faster transfer rates, greater transparency and reduced transaction
fees. From a risk perspective, since digital currencies are actual ‘bearer’
assets, access to which are controlled by cryptographic keys, possibilities of
account takeover fraud are diminished. Further, the very nature of CBDCs make it
easier to monitor both source and use of funds thus minimizing the risk of money
laundering.
While digital currencies show promising potential, more work is needed to
address concerns around privacy, user education and understanding and
cybersecurity risk. A nuanced approach to implementation of digital currencies
based on broad discussion and alignment across stakeholders is the best way
forward. Any which way you look at it, the future of money is digital and the
payments ecosystem must evolve and adapt to meet this change.
(The writer is Vice President & Head of Business Development for India, Visa)
Tags: #banking
first published: Feb 11, 2022 10:22 am
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