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CBDC – An Alternative to Cryptocurrency in the Metaverse: An Indian Perspective

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Metaverse – METAVERSE 2023 (METAVERSE 2023)

Part of the book series: Lecture Notes in Computer Science ((LNCS,volume 14210))

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Abstract

The purpose of this paper is to understand the link between Meta-verse and the Central Bank Digital Currencies (CBDCs) which are issued by some of the Central Governments around the world. Cryptocurrencies are an integral part of the Metaverse ecosystem. The governments are looking at CBDC as an alternative to fight the Cryptocurrencies, prominently because of the security concerns it has raised in the recent past. The study focuses on the Indian perspective of CBDC (e₹). This study is conducted through a review of the literature published in research papers, newspaper articles, and publications by Indian regulatory authorities. The authors have also included their observations from using the CBDC App launched by one of the leading commercial banks in India. The study tries to find a link between Metaverse and CBDC via Cryptocurrency. Since CBDC is still in its pilot stage in India, it is to be seen as to how successful it is in the Indian financial system. Further studies can be conducted at a later stage when and if India’s central bank (the Reserve Bank of India) takes CBDC to its full implementation stage.

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Acknowledgments

The authors are grateful to Dr. Ramdas Gambhir, (Professor Emeritus, Department of Public Policy, Dr. Vishwanath Karad MIT World Peace University, Pune, India), and Dr. Anand J Kulkarni (Professor & Associate Director Institute of Artificial Intelligence AI, Dr. Vishwanath Karad MIT World Peace University, Pune, India) for reading through manuscripts and providing insights into writing the article.

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Authors and Affiliations

  1. School of Economics and Commerce, Dr. Vishwanath Karad MIT World Peace University, Pune, Maharashtra, India

    Janhavi Kalal, Bipin Palande & Shreeya Chidambar Rajpurohit

  2. Symbiosis Institute of Business Management, Symbiosis International (Deemed University), Pune, Maharashtra, India

    Shilpa Parkhi

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  1. Janhavi Kalal
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  2. Bipin Palande
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  4. Shilpa Parkhi
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Correspondence to Bipin Palande .

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  1. Kingdee Software Group Co., Ltd, Shenzhen, China

    Sheng He

  2. Lecheng Times Technology Co., Ltd, Beijing, China

    Jiacai Lai

  3. Shenzhen Enterpreneurship and Innovation Federation (SEIF), Shenzhen, China

    Liang-Jie Zhang

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Kalal, J., Palande, B., Rajpurohit, S.C., Parkhi, S. (2023). CBDC – An Alternative to Cryptocurrency in the Metaverse: An Indian Perspective. In: He, S., Lai, J., Zhang, LJ. (eds) Metaverse – METAVERSE 2023. METAVERSE 2023. Lecture Notes in Computer Science, vol 14210. Springer, Cham. https://doi.org/10.1007/978-3-031-44754-9_7

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  • DOI: https://doi.org/10.1007/978-3-031-44754-9_7

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  • Publisher Name: Springer, Cham

  • Print ISBN: 978-3-031-44753-2

  • Online ISBN: 978-3-031-44754-9

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