A few years back when cryptocurrencies were searching for ground in the financial world, nobody ever thought that it is going to become the backbone of internet trade. Cryptocurrencies are becoming the foundation of the forthcoming fintech in the industry and enabling different governing authorities to embrace the change for a better future.
India’s Central Bank Digital Currency is a step towards digitizing the national economy. On 1 November 2021, India started its CBDC Pilot Project in the wholesale market for secondary trade in government securities. This step from the government is being welcomed by the global crypto community and investors are hopeful about the future of crypto in the nation.
However, a significant doubt about the impacts of CBDC on UPI adoption is rising in the mind of common Indians. In this CoinGabbar blog, we are going to explore India’s remarkable leap in the blockchain space and discuss how CBDCs are going to affect the UPI ecosystem of the nation.
What is CBDC?
Central Bank Digital Currencies or CBDCs are the cryptographic tokens issued by the central regulatory authority such as the central bank of a nation. CBDCs are pegged to the value of the fiat currency of a nation and facilitate better implementation of national fiscal policies.
CBDCs can make it easier for the government to maintain a clear and immutable record of money in the financial ecosystem. These cryptocurrencies can drive the rate of digital financial inclusion in the nation without the government compromising on control. However, these cryptocurrencies do not provide you with the same level of privacy as they are controlled by a central authority.
We have all read, rather repeatedly, in the media that there is a cancer catastrophe in India especially in Punjab on account of intensive agriculture that requires use of chemical pesticides and fertilizers.This is a misinformation campaign by foreign funded environmental activist NGOs.
They know very well that a lie told often enough becomes an accepted truth in the society.
Is there cancer catastrophe in India?
This idea of ‘One Sun, One World One Grid’ (OSOWOG) was first introduced by Prime Minister Narendra Modi in 2018 during the first assembly of the International Solar Alliance (ISA).What is OSOWOG?OSOWOG is a trans-national electricity grid supplying solar power across the globe.
Through this system, it will be possible for any country to sell or supply electricity generated by solar power to any other country in the world.For example, If India produces solar power, it can sell it to countries like Finland, Sweden, Norway, or Europe in the near future.
So, the possibilities are endless.Now, the first question that arises is how will we supply the electricity that we generate in India to transfer such a prodigious amount of energy we will be needing a very large grid.
Another problem is that India’s supply of electricity to European countries is guarded by Pakistan.To overcome these obstacles, India is planning to develop an undersea cable grid.
It is through these cables that we will supply electricity to the rest of the world.It is evident that this is a humongous project that will demand at least 10-15 years or even 20 years to get done.
In June, the Ministry of New and Renewable Energy came out with a Request For Proposal (RFP) to hire consultants for converting this idea into policy.
Project management isn’t just about making projects happen, but making them happen smoothly and efficiently.
There are many moving parts to any project, and the PM has to help every stakeholder see how they all work together, how the timeline must flow, and be the organizational brain behind it all.
That requires skill and know-how, but it also necessitates having methods that work best with various projects types and timespans.
The best PMs have a full complement of tools and techniques (regardless of industry) that they know well and can bring into play as the project determines fit.
These techniques don’t eliminate the need for project management software but may work alongside and in many cases enhance use of the software available.
