In the Central Bank Digital Currency (CBDC) world, cyber security and digital fraud are major concerns, as stated by Reserve Bank of India (RBI) Governor Shaktikanta Das.

https://twitter.com/bitinning/status/1468550623284977665

<a href="https://www.cryptoknowmics.com/news/only-a-handful-of-cryptocurrencies-will-survive-says-indias-former-rbi-governor/">RBI</a> has already submitted a proposal to the government to amend the RBI Act, 1934, to include digital currencies in the definition of a 'bank note'. There are 2 areas of CBDC -wholesale and retail- where the RBI is working. A lot of work has been done on the wholesale side. Some more work is required on the retail front. Whichever gets readied first, we will release it for pilots," said Deputy Governor T. Rabi Sankar.

The RBI has listed out Central Bank Digital Currency (CBDC) benefits:
<ul>
 	<li style="font-weight: 400">Lesser dependency on cash</li>
 	<li style="font-weight: 400">Much higher seigniorage (no printing of notes required) due to lower transaction costs</li>
 	<li style="font-weight: 400">Reduced settlement risk for banks</li>
</ul>
During the current legislative session, the Cryptocurrency and Official Digital Currency Bill, 2021, will introduce a new regulatory framework for digital currency.

Security Issues and Digital Frauds are Major CBDC Concerns: RBI Governor

Central Bank Digital Currency (CBDC) world, cyber security, and digital fraud are major concerns stated by RBI Governor Shaktikanta Das.

Trishla is a crypto writer and social media aficionado. She has substantial experience in covering updates, events, and news related to the crypto space, along with rapidly expanding blockchain and financial technology markets. Her experience in the cryptocurrency market has led her to become a crypto hodler herself.

Security Issues and Digital Frauds are Major CBDC Concerns: RBI Governor

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