Digital rupee for retail adoption and challenges

Krishnamoorthy, Balaganesh and Aggarwal, Vaibhav (2024) Digital rupee for retail adoption and challenges. In: International Conference on Smart Computing and Communication (ICSCC), 25-27 July 2024, Bali, Indonesia.

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Abstract

Central Bank Digital Currency or CBDC is a digital currency that central banks issue. The Reserve Bank of India launched its version of digital currency called Digital Rupee in the latter half of 2022 as a pilot project. This paper's scope is with one of the types of Digital Rupee i.e. Digital Rupee for Retail (Retail CBDC). This research will cover the Digital Rupee's adoption, sentiment, and challenges among citizens. In this paper, we researched retail consumer's adoption rate based on demography, awareness of this initiative, perceived benefits and challenges, and options for this digital currency's future adoptions. In the final results, there is low adoption among Indian citizens and three main reasons first Digital Rupee is still in the pilot stage and the government is solving daily challenges that it brings, second, there is a lack of awareness among participants and third participants who have adopted are not able to differentiate between UPI and Digital Rupee from user's perspective. The government could bring more awareness and education about this technology for widespread adoption.

Item Type: Conference or Workshop Item (Paper)
Keywords: CBDC | digital rupee | cryptocurrency | blockchain
Subjects: Social Sciences and humanities > Business, Management and Accounting > Marketing
Social Sciences and humanities > Economics, Econometrics and Finance > Banking and Finance
Social Sciences and humanities > Social Sciences > Social Sciences (General)
Social Sciences and humanities > Social Sciences > Education
JGU School/Centre: Jindal Global Business School
Depositing User: Dharmveer Modi
Date Deposited: 14 Oct 2024 08:01
Last Modified: 14 Oct 2024 08:42
Official URL: https://doi.org/10.1109/ICSCC62041.2024.10690822
URI: https://pure.jgu.edu.in/id/eprint/8624

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