An ex-UN expert interprets CBDC that you would have heard talks about India considering a digital currency, or a sovereign cryptocurrency from the Reserve Bank of India (RBI), but maybe questioning how it is accepted to change your world. 

Massimo Buonomo, a previous United Nations expert on Blockchain and Cryptocurrency, states consumers could gain big if countries worldwide to adopt central bank digital currencies (CBDCs), as it would not only decrease costs and lower security breaches but also remove the requirement for having a bank account. 

The treatment of transactions in the future will not require credit cards, but only digital currency wallets, Massimo, who acts as a board consultant and adviser for various international organizations, central banks and corporates, said at the ETMarkets Cryptocurrency Conclave. 

RBI Governor Shaktikanta Das on Wednesday specified RBI is “very much in the game” and is getting ready to launch its digital currency. “A central bank digital currency is functioning timely. An RBI team is working on the technology side and technical side, and how it will be launched and turned out," he specified. 

Buonomo mentioned the only benefit of having a bank account in the present interest rate environment is that it permits digital payments with no remuneration. 

But there are various costs connected to having a bank account, particularly the ones that charge every single transaction. Fees are essential to be paid for electronic transactions using credit cards, he said. Besides, bank accounts have inferior securities as of the risk of systems breach by hackers. 

Buonomo, who has 20 years of experience in international finance, thought the use of digital currency can eradicate the need for having a bank account. Your prerequisite is a digital wallet and clears your bills with mobile phones, apart from using the credit cards, he specified.