Blockchain & Cryptocurrency , Next-Generation Technologies & Secure Development
CBDC: How India Can Use Existing Security InfrastructureNarayanan Rajendran Discusses How CBDCs Are Different From UPI Payments
There are many questions about the security aspects of the Central Bank Digital Currency, or CBDC, and how it will be deployed. Dr. N Rajendran, chief digital officer of the Multi Commodity Exchange of India, shares his views on the road ahead with CBDC.
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Rajendran believes all existing infrastructure in the country can be leveraged to issue CBDC. "ATMs can be turned into an issuer of digital currency. The POS as an infrastructure can also be leveraged for a token to account-based transactions. As a result, the security aspects of these systems can also be leveraged."
In this video interview with Information Security Media Group, Rajendran also discusses:
- The various cybersecurity aspects of CBDC;
- How CBDC differs from the current UPI payments;
- How existing security infrastructure can be leveraged for CBDC.
Rajendran leads digital technology for the Multi Commodity Exchange of India, a commodity exchange owned by the Ministry of Finance. In his previous role as the CTO of NPCI, he conceptualized, implemented and operationalized the National Financial Switch and Cheque Truncation System, Immediate Payment Service, National Automated Clearing House and the Aadhar-Enabled Payment System.