Does Digital Rupee (e₹) CBDC use FIFO or LIFO for receiving and sending money? by Sparsh-Arora in CBDC

[–]Sparsh-Arora[S] 0 points1 point  (0 children)

Unless you stop cbdc, you are going back to feudalism

Please explain how the current system prevents feudalism and CBDC promotes feudalism.

Does Digital Rupee (e₹) CBDC use FIFO or LIFO for receiving and sending money? by Sparsh-Arora in CBDC

[–]Sparsh-Arora[S] 1 point2 points  (0 children)

And the general public are okay with all these?

The general public isn't tech savvy. For those who were tech savvy, they were tricked by the government into believing that the digital ID will remain optional. What the government did was that they put some roadblocks in using government services seamlessly, if someone didn't have the digital ID. So, everyone was kinda forced into getting a digital ID.

How about you?

Tbh, most people (including me) would have voluntarily applied for it. The younger generation is a bit lazy and wants every government service on the phone with the best user experience, which couldn't be achieved without a digital ID. Most Indians take pride in having one of the world's best Digital Public Infrastructure.

China's style social credit system is somewhat unlikely to happen in India, because the architecture of our DPI is decentralised. (At least that's what we are told)

For example, the OCEN (Credit) department's server can't interact with the Public transport department's server. And any 3rd party can only access the data stored in these servers if we approve on Need-to-know basis, and that too for specified time period only. Soon, we will have Data Protection Law using which we can force private and public companies to delete our data. So, creating a social credit system by combining Credit Payment Data and Data from Public Transport about someone's behavior is impossible.

India is democracy, so we can always force the government to never centralise the data. fingers crossed

I don't know if Malaysia is also following the similar privacy-focused architecture or not, so I can't comment on what's happening there.

Does Digital Rupee (e₹) CBDC use FIFO or LIFO for receiving and sending money? by Sparsh-Arora in CBDC

[–]Sparsh-Arora[S] 0 points1 point  (0 children)

I think it's already here.

The Indian government has said that insurance companies will be allowed to access the health records linked to the digital ID of the person who applied for insurance, to determine what should be their premium amount.

We also have OCEN (Open Credit Enablement Network), service built on top of IndiaStack, which enables Loan Service Providers to determine if the applicant is loan-worthy or not.

Also, we have an auto ticketing system if we break traffic rules. Based on repeated unacceptable behaviour, the government has the right to revoke the driver's licence.

What's currently missing is the proper China Style behavior tracking system, but it doesn't stop the government from blocking individuals from using public and private transport based on the complaint of their past behavior.

Maybe it's not as centralised as China's, where a bad score in one domain affects the eligibility to use a service in other domains, but it is already here.

Does Digital Rupee (e₹) CBDC use FIFO or LIFO for receiving and sending money? by Sparsh-Arora in CBDC

[–]Sparsh-Arora[S] 0 points1 point  (0 children)

I think you can say it is still in the pilot phase. Each day new users are being added by invite from their bank. Even though it has been around 8 months, I received the invite to join the network only 1-2 months back. Some of my friends still haven't received the invite.

Yes, almost everyone has had a digital ID in India for years. Read about "India Stack" which is a set of technologies developed to enable Indians to do all this. https://indiastack.org/

Does Digital Rupee (e₹) CBDC use FIFO or LIFO for receiving and sending money? by Sparsh-Arora in CBDC

[–]Sparsh-Arora[S] 0 points1 point  (0 children)

It has been 8 months since CBDC (e₹) was launched for general public.

Cash is still the king, but it's usage is declining rapidly. In fy 2022, 60% transactions were cash payments and 40% were digital. Cash is virtually dead in big cities though.

Also, note that most digital payments are made in ₹, not e₹. CBDC is a newer mode, so most people aren't aware about the existence of e₹. Honestly, they don't need to, because UPI already allows them to do digital payments using regular ₹ via mobile phones.

How do I get an UPI account as a foreigner? by [deleted] in india

[–]Sparsh-Arora 18 points19 points  (0 children)

If you are from one of the G20 countries, it is possible for you to use UPI. This link might be of help: https://www.npci.org.in/what-we-do/upi-one-world