Is India’s CBDC Pilot Project a Risk to UPI or a Support Mechanism?

Nobody ever imagined that cryptocurrencies would become the foundation of internet trading when they were first making their way into the financial sector a few years ago. The future of fintech is being built on the foundation of cryptocurrencies, which also allow various governing bodies to accept change for a better future.

The Central Bank of India’s Digital Currency is a step toward the digitization of the country’s economy. India launched its CBDC Pilot Project in the wholesale market for secondary dealing in government securities on November 1st, 2021. The international crypto community applauds the government’s move, and investors are optimistic about the future of cryptocurrency in the country.