Page 112 - BFSI CHRONICLE 10 th Issue (2nd Annual Issue ) .indd

BFSI Chronicle, 2 Annual Issue, 10 Edition July 2022
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The system allows users even without bank accounts-but
with a smartphone-to use a downloaded app and makes
payments via a QR code. Those people without bank
accounts can go to a previously approved non-banking
financial institution or agent who would verify the
complete information of that specified person and then
approve a DCash wallet.

Countries that are Testing CBDCs in Pilot Projects:
Sweden
Sweden is undertaking to test of a digital currency that
has been dubbed the e-krona. There are various strategies
for the testing to advance from simulated participants to
a testing environment along with external participants.
Sweden’s Riksbank has developed a proof of concept and
is exploring the technology and policy implications of
CBDC.
One of the key targets of the project is to ensure broad
access to the e-krona in the future. And also safeguard
the old aged group people and people who are with some
disabilities to make sure they aren’t unfavourably affected
in a cashless society.

China

China became the World’s first major economy to pilot a
digital currency in April 2020. The People’s Bank of China
is targeting widespread domestic use of the digital yuan
or e-CNY, in the year 2022.
It currently has more than a hundred million individual
users and billions of yuan in transactions, according to
the IMF.
Presently the country is providing digital yuan payment
services for the invitees of the Beijing Winter Olympics
which kicked off. Visitors can download the digital yuan
wallet app or store the money on a physical card.

The Institute Of Cost Accountants Of India

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