F UTURE R EADY B ANKING WITH S MART C ONTRACTS - CBDC AND I MPACT ON THE I NDIAN E CONOMY

India is significantly diverse in culture and how it promotes business transactions. Though we are very acquainted with cash, cards, and online mode of payment, the Indian rural economy still believes in the barter system. At this juncture, India is evolving as a tech power house, and its economy is thriving to embrace cryptocurrency as a medium of exchange. After the Indian finance minister declared the same last February that India is working towards building its legal tender called Central Bank-backed Digital Currency (CBDC), this paper is making an impact in explaining our strengths, weakness, market readiness, and necessity to adopt a digital rupee when India's economy is highly regarded as a cash-oriented economy. Is our country ready to accept the new technological shift in smart banking in the form of a digital rupee? The paper highlights the socioeconomic and technical challenges our planners need to understand before changing the Central banks' monetary policies. The deployment of fifth-generation (5G) cellular network technology has sparked renewed interest in the potential of blockchain to automate different cellular network use cases. 5G is projected to open up new market prospects for small and large businesses. The article highlights the unique instrument of the digital rupee to enhance peer-to-peer transactions with the evolution of 5G mobile technology.

[1]  Bibhu Dash,et al.  Federated Learning for Privacy-Preserving: A Review of PII Data Analysis in Fintech , 2022, International Journal of Software Engineering & Applications.

[2]  Md Meraj Ansari,et al.  Anti-Phishing Techniques – A Review of Cyber Defense Mechanisms , 2022, IJARCCE.

[3]  Md Meraj Ansari,et al.  Self-service analytics for data-driven decision making during COVID-19 pandemic: An organization's best defense , 2022, Academia Letters.

[4]  Maad M. Mijwil.  Has the Future Started? The Current Growth of Artificial Intelligence, Machine Learning, and Deep Learning , 2022, Iraqi Journal for Computer Science and Mathematics.

[5]  Samuel Asumadu Sarkodie,et al.  COVID-19 pandemic improves market signals of cryptocurrencies–evidence from Bitcoin, Bitcoin Cash, Ethereum, and Litecoin , 2021, Finance Research Letters.

[6]  D. Susana,et al.  Does Herding Behaviour Among Traders Increase During Covid 19 Pandemic? Evidence from the Cryptocurrency Market , 2020, TDIT.

[7]  Chung-Chi Chen,et al.  NLP in FinTech Applications: Past, Present and Future , 2020, ArXiv.

[8]  Philip C. Treleaven,et al.  Blockchain Technology in Finance , 2017, Computer.

[9]  Morten L. Bech,et al.  Central Bank Cryptocurrencies , 2017 .

[10]  Mohanad S. S. Abumandil,et al.  Role of Smart Contract Technology Blockchain Services in Finance and Banking Systems: Concept and Core Values , 2022, SSRN Electronic Journal.

[11]  L. Ren.  Proof of Stake Velocity: Building the Social Currency of the Digital Age , 2014 .

[12]  S. Nakamoto,et al.  Bitcoin: A Peer-to-Peer Electronic Cash System , 2008 .

[13]  Gaurav,et al.  Anti-Phishing Techniques : A Review , 2022 .