Ever since the Reserve Bank of India Deputy Governor T Rabi Sankar said that the RBI has been working towards a phased implementation of a central bank digital currency (CBDC) with “little or no disruption”, everybody and his aunt has started speculating on the nature of such a currency and its use.
Many of them are eagerly waiting for it as an alternative to cryptocurrency, which the RBI is not exactly fond of. But CBDC is not an instrument to curb the growing popularity of cryptocurrency; it's just a wallet or an electronic purse, issued by a central bank. …