India’s Digital Rupee Plan Draws Mixed Response from Investors

India’s Digital Rupee Plan Draws Mixed Response from Investors

India has joined a growing group of countries introducing central bank digital currencies (CBDCs).

In the Union Budget 2022-2023, the Finance Minister has announced that the country will have its digital rupee backed by the blockchain and it will begin a phased rollout of the currency this financial year.

Blockchain Assets Review spoke to industry insiders and here is what they had to say about the digital rupee and it drew a mixed response.

While industry insiders see a lot of potential in the concept, some are still doubtful of the timely implementation of such a digital currency.

Aliasgar Merchant, a developer relations engineer at blockchain firm Tendermint, said, “The introduction of ‘Digital Rupee’ or CBDC is definitely a positive move” however, it also raises “some concerns and questions.”

Merchant noted that given the Reserve Bank of India’s (RBI) past record on technological implementation, the timely rollout of CBDC is a “matter of concern.”

Furthermore, he said that the RBI’s centralized hold over the currency defies the purpose and applications of a decentralized currency.

Another negative impact, Merchant said, is that “we do not know what kind of data the banks will gather from the people who use them, whether there would be a limit to how much one person can withdraw or deposit if there will be different transaction limit for individuals and businesses.”

“In addition, if a fraud is uncovered after the launch of CBDC, any wrongdoings will be attributed to the RBI,” he said, adding that having such a centralized authority is always risky.

Jay Hao, chief executive of global exchange OKX, appreciated that India is joining a growing list of countries in introducing CBDCs. However, he said that the country is slightly lagging behind in the digital currency race mainly due to the regulatory hurdles and reluctance in accepting the growing popularity of digital assets around the world.

“I hope the announcement made by Finance Minister regarding CBDC is implemented without any further delay as it will give a much-needed push to the blockchain industry in India,” Hao added.

Anndy Lian, chairman of BigONE Exchange, said, “The digital rupee is not an easy task for India. India is a big economy and may need to exercise more control over its currency before adopting it to its fullest scale.”

Potential security issues can be a problem at the start and experts should look deeper into the direct and indirect costs potentially linked to the implementation, he added.

While the announcement has made experts raise questions, many still trust the future of CBDCs in the country.

Charles Tan, head of marketing at Coinstore, said: “The digital rupee launch by RBI is a very interesting development as it makes the RBI’s stance on digital assets crystal clear,” he said.

India is moving from an unregulated space to a government-monitored crypto market, which will benefit all the stakeholders of the industry, he said.

Shivam Thakral, CEO of BuyUcoin, a homegrown cryptocurrency exchange said, “RBI has always been ambitious with its CBDC launch. The launch of CBDC by RBI will catalyze the growth of blockchain infrastructure in India and will encourage more entrepreneurs to join the blockchain revolution.”

Interestingly, Thakral noted if RBI allows the trading of CBDC on private exchanges, it will add a new dimension to public-private partnership in the country’s fintech space.

“The launch of RBI’s CBDC will prove to be a momentous occasion for the digital asset industry as it will create a government-approved market for the launch of new/existing digital assets,” he added.

Nischal Shetty, founder and chief executive of crypto exchange, WazirX, is bullish and called the news a ‘phenomenal’ one and said that the country is on the path to legitimizing the crypto sector.

“India launching a blockchain-powered Digital Rupee is phenomenal news. This move will pave the way for crypto adoption and put India in the front seat of innovation,” he told Blockchain Asset Review.

Sumit Gupta, co-founder & chief executive of crypto exchange, CoinDCX, said: “Introduction of CBDC sends a clear signal of India being a digital-first, efficiency-driven, and transparency-led system. CBDC with the backbone of blockchain will help us hold a powerful position in the global economy.

“We welcome the move and congratulate the govt for this visionary move,” he added.

Pratik Gauri, founder and chief executive of the blockchain firm 5ire noted that digital currency will open up great opportunities for innovation and foreign investment.

Raj Kapoor, founder of India Blockchain Alliance and chief growth officer at Chainsense Ltd, said: “The introduction of a digital currency in the next financial year using blockchain and other supporting technology validates not just the technology but also the intent to give a big shot in the arm for the digital economy. Digital currency will also lead to a more efficient and cheaper currency management system.”

In the budget announcement, Finance Minister Nirmala Sitharaman said that the introduction of a central bank digital currency will give “a boost, a big boost to the digital economy,”

“Digital currency will also lead to a more efficient and cheaper currency management system,” she said.

Countries all over the world are increasingly introducing digital currencies. Jamaica has also recently announced that it will roll out its national digital token in the first quarter of the year to reduce transaction costs and offer financial services to citizens who do not otherwise use banks.

Eastern Caribbean nations including Grenada, Saint Lucia, Antigua, and others launched a digital currency in 2021 called DCash while Japan, China, and the United States are also reportedly exploring the possibility of launching CBDCs.

 

Original source: https://blockchainassetreview.com/indias-digital-rupee-plan-draws-mixed-response-from-investors/

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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[News on 6 ] Korea Blockchain Week 2019: “The Next Trends” Draws International Speakers & Projects

[News on 6 ] Korea Blockchain Week 2019: “The Next Trends” Draws International Speakers & Projects

Korea Blockchain Week 2019 (KBW 2019) is fast approaching and many of the world leading blockchain projects will gather in South Korea where they discuss the real and the virtual applications of blockchain technology. “The Next Trends” is one of the fringe events happening on the 1 October 2019 at the Huobi Coffee Club, B1. This event is organised by Gaimin.io, a blockchain based gaming platform company in the United Kingdom and supported by Blockcast.cc, a community driven media company. The event aims to bring futurists from Europe, USA and Asia together to discuss about upcoming trends ahead for the blockchain and technology industry.

Gaimin will be present to showcase their project and how their AI driven machine learning, crypto mining software platform, which allows a gamer to direct his unused resources to the passive mining and accumulation of crypto assets, without affecting his gaming performance, and without the need for any specialized crypto mining knowledge. This event also serve as Gaimin’s first and official meet up with their Korean community after the successful IEO at Borabit.com.

Sequoia China backed project- Conflux, who has raised $35 million from the big names in China, is also confirmed of his attendance for the event to share insights on their technology developments. Conflux inherits the central design idea of Bitcoin: computing power is the only weapon in competing for the right of block generation. The Conflux Chain is up to now the first and only public chain system that can achieve high TPS, 3000–6000TPS under real-time network testing, meanwhile not sacrifice decentralization. Conflux adopts Proof of Work (PoW) mechanism as the basis of its consensus, and delicately combining its unique and advanced algorithm with a novel Tree Graph (TG) structure. The Co-Founder, Yuanjie Zhang will also be speaking at the event.

One of the largest blockchain communities, Doge China represented by their Founder – Tom Peng will be present. This community is known for its size and active members, is jointly initiated by exchanges, funds, media, activists, blockchain projects, mining pools, quantitative institutions, and the Dogecoin consensus users. It aims to continue to help and promote Dogecoin’s advancement and promotion in China, their goal is to reach a consensus with the global technical community and continue to update and maintain Dogecoin’s technical code.

Leading thinkers such as Håvard Claussen Martinsen (Norway), Anndy Lian (Singapore), Sander de Bruijn (Netherlands), Andrew Faridani (Canada), Jenny Zheng (China), Taka Okabe (Japan) and more will be speaking at the event too to share their global insights.

To register for this event, log on to https://onoffmix.com/event/194672. Seats are limited and will be on a first come first serve basis.

The updated program and synopsis are as such:

Synopsis: 2030 is still far away but technologies are developing at such fast speed that next year’s trends need to be identified as quickly as possible. This is especially so when it comes to Blockchain where it’s full possibilities are not yet fully disclosed. “The Next Trends” will discuss and feature some of the upcoming trends globally.

6.30pm: Networking & Registration

7.00pm: Welcome Speech

7.05pm: “Why Gaming is the Catalyst to Mass Blockchain Adoption”

– Martin Speight, CEO, Gaimin.io

Forget about finance, gaming can also be the key catalyst for blockchain adoption. Gaming brings forward a mass community of untapped potential for the blockchain industry to kick start mass adoption.

– Why gamers are most likely to be the first major adopters of Blockchain?
– How Asia is set to lead the way in the new gaming market?
– What do you look out for in the gaming industry?

7.35 pm: Identifying the Value in Digitalization and Blockchain

Panellists:

– Aiden Lee, CEO, TVCC (South Korea)
– Tom Peng, Founder, Doge China (China)
– Taka Okabe, Project Unicorn (Japan)
– Shirley Yu, Director, OKEX (China)

Moderator:

– Jenny Zheng, Co-Founder, Blockcast.cc (China)

Digitalization is transforming the way industry functions and unleashing global opportunities for value creation. With the injection of Blockchain technology, it helps to address and solve more issues and creates a difference value proposition.

– What is the true value in digitalization?
– What is the strategic business value?
– Why is blockchain in trend?
– How do you see different technologies working together to form a new value chain?

8.10pm: Blockchain Moving Beyond the Hype and Facing Reality

Panellists:

– Yuanjie Zhang, Co-Founder, Conflux (China)
– Håvard Claussen Martinsen, Co-founder, TCM Capital (Norway)
– Martin Speight, CEO, Gaimin.io (Spain)

Moderator:

Anndy Lian, Inter-governmental Blockchain Advisor (Singapore)

According to Gartner report, blockchain will be “transformational” across a variety of industries in the next 5 to 10 years. Many people in the industry says that we are still in the speculative stage and we will have to face reality soon.

– Has blockchain solve the scalability issues?: When, Where, How?
– Do investors still look at investing their money into blockchain companies? And what are the steps you take to make sure that the investors are in place?
– What is your opinion on POW, POS or other consensus protocols?
– Is there a future for Blockchain or is it just Bitcoin?

8.45pm: Lucky Draw & Group Photo

9.00pm: Networking

To register for this event, log on to https://onoffmix.com/event/194672

Seats are limited and will be on a first come first serve basis.

Media Contact
Company Name: Blockcast.cc
Contact Person: Joann Park
Email: Send Email
Phone: +65 98832707
Country: South Korea
Website: https://www.blockcast.cc

Source: https://www.newson6.com/story/41095612/korea-blockchain-week-2019-the-next-trends-draws-international-speakers-projects

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

j j j

“The Next Trends” Draws International Speakers & Projects

“The Next Trends” Draws International Speakers & Projects

Korea Blockchain Week 2019 (KBW 2019) is fast approaching and many of the world leading blockchain projects will gather in South Korea where they discuss the real and the virtual applications of blockchain technology. “The Next Trends” is one of the fringe events happening on the 1 October 2019 at the Huobi Coffee Club, B1. This event is organised by Gaimin.io, a blockchain based gaming platform company in the United Kingdom and supported by Blockcast.cc, a community driven media company. The event aims to bring futurists from Europe, USA and Asia together to discuss about upcoming trends ahead for the blockchain and technology industry.

Gaimin will be present to showcase their project and how their AI driven machine learning, crypto mining software platform, which allows a gamer to direct his unused resources to the passive mining and accumulation of crypto assets, without affecting his gaming performance, and without the need for any specialized crypto mining knowledge. This event also serve as Gaimin’s first and official meet up with their Korean community after the successful IEO at Borabit.com.

Sequoia China backed project- Conflux, who has raised $35 million from the big names in China, is also confirmed of his attendance for the event to share insights on their technology developments. Conflux inherits the central design idea of Bitcoin: computing power is the only weapon in competing for the right of block generation. The Conflux Chain is up to now the first and only public chain system that can achieve high TPS, 3000–6000TPS under real-time network testing, meanwhile not sacrifice decentralization. Conflux adopts Proof of Work (PoW) mechanism as the basis of its consensus, and delicately combining its unique and advanced algorithm with a novel Tree Graph (TG) structure. The Co-Founder, Yuanjie Zhang will also be speaking at the event.

One of the largest blockchain communities, Doge China represented by their Founder- Tom Peng will be present. This community is known for its size and active members, is jointly initiated by exchanges, funds, media, activists, blockchain projects, mining pools, quantitative institutions, and the Dogecoin consensus users. It aims to continue to help and promote Dogecoin’s advancement and promotion in China, their goal is to reach a consensus with the global technical community and continue to update and maintain Dogecoin’s technical code.

Leading thinkers such as Håvard Claussen Martinsen (Norway), Anndy Lian (Singapore), Sander de Bruijn (Netherlands), Andrew Faridani (Canada), Taka Okabe (Japan) and more will be speaking at the event too to share their global insights.

To register for this event, log on to https://onoffmix.com/event/194672. Seats are limited and will be on a first come first serve basis.

The updated program and synopsis are as such:

Synopsis: 2030 is still far away but technologies are developing at such fast speed that next year’s trends need to be identified as quickly as possible. This is especially so when it comes to Blockchain where it’s full possibilities are not yet fully disclosed. “The Next Trends” will discuss and feature some of the upcoming trends globally.

6.30pm:  Networking & Registration

7.00pm: Welcome Speech

7.05pm: “Why Gaming is the Catalyst to Mass Blockchain Adoption” 

– Martin Speight, CEO, Gaimin.io

Forget about finance, gaming can also be the key catalyst for blockchain adoption. Gaming brings forward a mass community of untapped potential for the blockchain industry to kick start mass adoption.

– Why gamers are most likely to be the first major adopters of Blockchain?
– How Asia is set to lead the way in the new gaming market?
– What do you look out for in the gaming industry?

7.35 pm: Identifying the Value in Digitalization and Blockchain

Panellists:

– Aiden Lee, CEO, TVCC (South Korea)
– Tom Peng, Founder, Doge China (China)
– Taka Okabe, Project Unicorn (Japan)
– Shirley Yu, Director, OKEX (China)

Moderator:

– Jenny Zheng, Co-Founder, Blockcast.cc (China)

Digitalization is transforming the way industry functions and unleashing global opportunities for value creation. With the injection of Blockchain technology, it helps to address and solve more issues and creates a difference value proposition.

– What is the true value in digitalization?
– What is the strategic business value?
– Why is blockchain in trend?
– How do you see different technologies working together to form a new value chain?

8.10pm: Blockchain Moving Beyond the Hype and Facing Reality

Panellists:

– Yuanjie Zhang, Co-Founder, Conflux (China)
– Håvard Claussen Martinsen, Co-founder, TCM Capital (Norway)
– Martin Speight, CEO, Gaimin.io (Spain)

Moderator:

Anndy Lian, Inter-governmental Blockchain Advisor (Singapore)

According to Gartner report, blockchain will be “transformational” across a variety of industries in the next 5 to 10 years. Many people in the industry says that we are still in the speculative stage and we will have to face reality soon.

– Has blockchain solve the scalability issues?: When, Where, How?
– Do investors still look at investing their money into blockchain companies? And what are the steps you take to make sure that the investors are in place?
-What is your opinion on POW, POS or other consensus protocols?
– Is there a future for Blockchain or is it just Bitcoin?

8.45pm: Lucky Draw & Group Photo

9.00pm: Networking 

To register for this event, log on to https://onoffmix.com/event/194672. Seats are limited and will be on a first come first serve basis.

 

Media

Name: Joann Park

Email: [email protected]

Website: www.blockcast.cc

Location: South Korea

 

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

j j j