NEW DELHI: You would have heard talks about India mulling a digital currency, or a sovereign cryptocurrency from the Reserve Bank of India (RBI), but may be wondering how it is going to change your world.
Massimo Buonomo, a former United Nations expert on blockchain and cryptocurrency, says consumers could gain big if countries globally adopt central bank digital currencies (CBDCs), because it would not only reduce costs and lower security breaches, but also eliminate the need for having a bank account.
“The processing of transactions in the future will not need credit cards, but only digital currency wallets,” Massimo, who acts as a board advisor and consultant for many international organisations, central banks and corporates, told the ETMarkets Cryptocurrency Conclave.