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Introduction

In a groundbreaking move, India's Reserve Bank has embarked on a transformative journey with its Central Bank Digital Currency (CBDC) project. As the world grapples with the evolving landscape of digital finance, the implications of India's CBDC initiative extend beyond its borders, potentially reshaping global payment systems. The Union Minister of State for Finance, Shri Pankaj Chaudhary, revealed that on October 7, 2022, the Reserve Bank of India released a proposal note on Central Bank Digital Currency (CBDC). Two pilot projects using blockchain-based technology are described in the concept note: Digital Rupee-Wholesale (e₹-W) and Digital Rupee-Retail (e₹-R). Launched on November 1, 2022, the bulk trading pilot aims to increase intermediary competitiveness, particularly in the resolution of trades in the secondary market involving sovereign debt. In parallel, on December 1, 2022, the retail banking pilot, known as e₹-R, got underway in a limited user group with eight banks taking part in stages.

The digital asset known as e₳-R is issued across financial institutions for Person-to-Person (P2P) and Person-to-Merchant (P2M) transactions. It is intended to serve as a virtual currency that represents legal money and exhibits characteristics similar to actual cash. Based on input gathered during the continuing trial phases, the RBI intends to progressively broaden the pilot project's scope.

Central Bank Digital Currency Pilot Projects

Central Bank Digital Currency (CBDC), which the Central Bank of India is promoting, may easily perform an essential part in payments made across borders, according to Reserve Bank Governor Shaktikanta Das. The CBDC is going to be expanded to the international financial markets after being implemented as a trial in both the retail and wholesale industries.

CBDC in International Payments

He emphasized that although physical currency will still exist, the CBDC will eventually replace all forms of money worldwide.  

"CBDC is going to be the future currency of the world and it is necessary that every central bank, every country works on CBDC," he stated. He also stated that as worldwide commerce moves more and more around science and technology, CBDCs will play a significant role since they can effectively and affordably speed up payment processing across different countries. Regarding India's foreign exchange reserves, the governor stated that the selection to increase the resources as a safety net and protection versus contagion possibilities was made consciously.

CBDCs' Place in the Transnational Economic Revolution

In certain economies worldwide, having a CBDC internationally accessible could lead to more replacements for foreign currencies rather than the home currencies, which could cause financial aggregates to become volatile and change the mix of instruments of exchange.

CBDC may have benefits related to first-mover savings of scale, and other consequences even in everyday circumstances. If nations with global currencies have established CBDCs, they could strengthen current advantages and disadvantages, including consequences, particularly in terms of revenue. In a similar vein, CBDC might alter the structure of international liquidity while safeguarding asset supply. Additionally, and particularly if imposed abruptly, CBDC may, in certain circumstances, result in significant capital movements and associated repercussions on the foreign exchange rate as well as additional asset prices. Furthermore, nations may encounter difficulties in getting ready for virtual currencies issued by central banks.

The worldwide and international scope of CBDCs accessible to immigrants may become particularly apparent in situations where there is a widespread flight safety concern. In these circumstances, converting a CBDC into a foreign currency would make it possible for capital markets to deleverage more quickly. The elimination of debt challenges could show up as tight finance constraints and abrupt swings in foreign exchange markets if CBDCS expedited its flight from uncertainty.

Deposits of Foreign Exchange and Self-Dependency

Reserve Bank Governor Shaktikanta Das stated "We must rely on ourselves. We must maintain our robust reserves. In order to achieve that goal, we have been amassing quite substantial reserves, and the outside world has come to feel quite confident that India would be able to fulfil its contractual responsibilities to the international community no matter what the obstacles," 

Involvement of RBI in the Currency Market

Given that the trading community was confident that the Reserve Bank of India would be capable of and able to fulfil its contractual responsibilities, the value of the Indian rupee did not decline as dramatically. The RBI governor stated that the RBI does participate in the economy, but that "our engagement operates in two ways," he would not hesitate to acknowledge this.

The Value of Macroeconomic and Budgetary Cooperation

According to RBI Governor Das, the RBI makes purchases and sales of dollars based on the direction in which the financial sector is trending. However, the RBI does not intend to set a certain level for the rupee because it does not consider any specific threshold for the Indian rupee's conversion rate against the US dollar. He also emphasized how crucial it is for both the financial and monetary authorities to work together.

Conclusion

India's CBDC project signals a transformative shift in the global digital finance landscape. Governor Shaktikanta Das envisions CBDCs as the future global currency, emphasizing their role in international payments. The potential impact on financial systems, cross-border transactions, and the need for self-reliance underscore the significance of India's CBDC initiative in shaping the evolving dynamics of the digital economy. As the project progresses, close cooperation between financial and monetary authorities becomes imperative for navigating the challenges and opportunities associated with this groundbreaking venture.

References

• https://economictimes.indiatimes.com/news/economy/policy/central-bank-digital-currency-can-play-important-role-in-cross-border-payment-rbi-guv/articleshow/104706717.cms
• https://www.bis.org/cpmi/publ/d174.pdf
• https://bfsi.economictimes.indiatimes.com/news/fintech/explained-how-rbi-is-leveraging-upi-to-push-the-use-of-retail-cbdc/103591989
• https://www.imf.org/en/News/Articles/2022/02/09/sp020922-the-future-of-money-gearing-up-for-central-bank-digital-currency
• https://www.business-standard.com/economy/news/cbdc-pilot-projects-show-promising-results-rbi-governor-shaktikanta-das-123102601171_1.html

On the occasion of 20th edition of Safer Internet Day 2023, CyberPeace in collaboration with UNICEF, DELNET, NCERT, and The National Book Trust (NBT), India, took steps towards safer cyberspace by launching iSafe Multimedia Resources, CyberPeace TV, and CyberPeace Café in an event held today in Delhi.

CyberPeace also showcased its efforts, in partnership with UNICEF, to create a secure and peaceful online world through its Project iSafe, which aims to bridge the knowledge gap between emerging advancements in cybersecurity and first responders. Through Project iSafe, CyberPeace has successfully raised awareness among law enforcement agencies, education departments, and frontline workers across various fields. The event marked a significant milestone in the efforts of the foundation to create a secure and peaceful online environment for everyone.

Launching the Cyberpeace TV, café and isafe material , National Cybersecurity coordinator of Govt of India, Lt Gen Rajesh Pant interacts with the students by introducing them with the theme of this safer internet day. He launched the coword cyber challenge initiative by the countries. Content is most important in cyberspace. He also assured everyone that the government of India is taking a lot of steps at national level to make cyber space safer. He compliments CPF for their initiatives.

Ms. Zafrin Chaudhry, Chief of Communication, UNICEF addresses students with the facts that children make out 1 out of 3 in cyberspace, so they should have a safe cyberspace. They should be informed and equipped with all the information on how to deal with any kind of issues they face in cyberspace. They should share their experience with everyone to make others aware. UNICEF in partnership with CPF is extending help to children to equip them with the help and information.

Major Vineet Kumar, Founder and Global President of CPF welcomed all and introduced us about the launching of iSafe Multimedia Resources, CyberPeace TV, and CyberPeace Café . With this launch he threw some light on upcoming plans like launching a learning module of metaverse with AR and VR. He wants to make cyberspace safe even in tier 3 cities that’s why he established the first cybercafé in Ranchi.

As the internet plays a crucial role in our lives, CyberPeace has taken action to combat potential cyber threats. They introduced CyberPeace TV, the world’s first multilingual TV Channel on Jio TV focusing on Education and Entertainment, a comprehensive online platform that provides the latest in cybersecurity news, expert analysis, and a community for all stakeholders in the field. CyberPeace also launched its first CyberPeace Café for creators and innovators and released the iSafe Multimedia resource containing Flyers, Posters, E hand book and handbook on digital safety for children developed jointly by CyberPeace, UNICEF and NCERT for the public.

O.P. Singh, Former DGP, UP Police & CEO Kailash Satyarthi foundation, , started with the data of internet users in India. The Internet is used in day-to -day activities nowadays and primarily in social media. Students should have a channelized approach to cyberspace like fixed screen time, information to the right content, and usage of the internet. I really appreciate the initiates that CyberPeace is taking in this direction.

The celebration continued by iSafe Panel Discussion on “Creating Safer Cyberspace for Children.” The discussion was moderated by Dr. Sangeeta Kaul, Director of DELNET, and was attended by panellists Mr. Rakesh Maheshwari from MeitY(Ministry of electronics and information Technology, Govt. of India), Dr. Indu Kumar from CIET-NCERT, Ms. Bindu Sharma from ICMEC, and Major Vineet Kumar from CyberPeace.

The event was also graced by professional artists from the National School of Drama, who performed Nukkad Natak and Qawwali based on cyber security themes. Students from SRDAV school also entertained the audience with their performances. The attendees were also given a platform to share their experiences with online security issues, and ICT Awardees, Parents and iSafe Champions shared their insights with the guests. The event also had stalls by CyberPeace Corps, a Global volunteer initiative, and CIET-NCERT for students to explore and join the cause. The event’s highlight was the 360 Selfie Booth, where attendees lined up to have their turn.

Read more at: https://www.cxotoday.com/press-release/safer-internet-day-2023-cyberpeace-launch-isafe-multimedia-resources-cyberpeace-tv-and-cyberpeace-cafe/

Cyber attacks in India besides becoming common are also getting deadlier. Each strike has taken proportions to drive home the fact that no one is safe.

Hacker ‘John Wick’, hasn’t spared India’s PM or Paytm. Cyber intelligence firm Cyble which dredges the Dark Web has red-flagged hacking episodes at Truecaller, Dunzo, Unacademy, Naukri.com, Bharat Earth Movers Limited (BEML), LimeRoad and IndiaBulls.Picture this, Mumbai-based cybersecurity firm Sequretek, says in Covid-hit 2020, India has seen a 4000% spike in phishing emails and a 400% uptake in the number of policy violations that have grown over 400% as per the latest statistics.Besides the threat to crucial data, the cost suffered by companies is phenomenal. According to a report by IBM’s ‘Cost of a Data Breach Report 2020’ report, Indian companies witnessed an average $2 Mn total cost of data breach in 2020, this is an increase of 9.4% from 2019.

Another survey by Barracuda Networks revealed that 66% of Indian organisations have had at least one data breach or cybersecurity incident since shifting to a remote working model during the pandemic.

Indian Startups At Mercy Of Cyber Attacks

More recently personal data of 2.8 Lakh WhiteHat Jr students and teachers were exposed, where crucial details of minors have been made available on the dark web. Another major breach that took place this week and exclusively reported by Inc42 was when data of 1.4 Mn job seekers was leaked when jobs portal IIMjobs was hacked.

Vineet Kumar, the founder of Cyber Peace Foundation (CPF), a think tank of cybersecurity and policy experts, said that with the increased digitisation of companies and their processes, data has become the new oil.

“You get good money when you sell users data on the dark web. Hackers discovering vulnerabilities and using SQL injections to pull entire databases remains a common practice for hacking,” Kumar told Inc42.

The CyberPeace Foundation says from mid-April to the end of June it noticed 8,98,7841 attacks, July and August saw 64,52,898 attacks. Whereas September and October saw 1,37,37,516 attacks and 18,149,233 attacks respectively.

Speaking to Inc42, Pankit Desai, cofounder and CEO, Sequretek says, “Originally only a limited set of systems were being exposed, now with WFH all systems have to be exposed to the internet as all your processes are enabled remotely. WFH also creates an additional challenge where ‘personal assets are being used for professional purposes’ and ‘professional assets are being used for personal purposes.”

Malwares like SpyMax, Blackwater are being used as a combination of phishing mails and poorly secured home computers to harvest credentials. These credentials are then used for carrying out attacks. The number of attacks with harvested credentials is already up 30%, the company revealed.

Government data shows that in 2019 alone, India witnessed 3.94 lakh instances of cybersecurity breaches. In terms of hacking of state and central government websites, Indian Computer Emergency Response Team (CERT-In) data shows that a total of 336 websites belonging to central ministries, departments, and state governments were hacked between 2017 and 2019.

According to Nasscom’s Data Security Council of India (DSCI) report 2019, India witnessed the second-highest number of cyber attacks in the world between 2016 and 2018. This comes at a time when digitisation of the Indian economy is predicted to result in a $435 Bn opportunity by 2025.On September 22, the Ministry of Electronics and Information Technology (MeITY) told the Parliament that Indian citizens, commercial and legal entities faced almost 7 lakh cyberattacks till August this year.

The Indian Computer Emergency Response Team (CERT-In) has “reported 49,455, 50,362, 53,117, 208,456, 394,499 and 696,938 cybersecurity incidents during the year 2015, 2016, 2017, 2018, 2019 and 2020 (till August) respectively,” the MeITY said while responding to an unstarred question in the Lok Sabha regarding cyberattacks on Indian citizens and India-based commercial and legal entities.“

India also lacks a cohesive nation-wide cyber-strategy, policies, and procedures. Regulations around data privacy, protection, and penalty should be enacted and enforced as these measures will help businesses evaluate their cybersecurity posture and seek ways to improve. Currently, incident reporting is not mandatory. By making it compulsory, there will be a body of research data that can provide insights on threats to India and inform the government on strategies it can undertake to strengthen the nation’s cyber posture,” said Kumar Ritesh, founder and CEO, Cyfirma.The Internet Crime Report for 2019, released by the USA’s Internet Crime Complaint Centre of the Federal Bureau of Investigation (FBI), has revealed that India stands third in the world among top 20 countries that are victims of internet crimes.

Kumar attributes these numbers to Indian’s lack of basic cyber awareness. However, a poignant point is also the lack of a robust cybersecurity policy in India.  Though the issue was touched upon by Prime Minister Narendra Modi during his Independence Day speech on Aug 15, 2020, not much movement has happened on that front.

“Cybersecurity is a very important aspect, which cannot be ignored. The government is alert on this and is working on a new, robust policy,” Modi said.The PM’s announcement was made in the backdrop of the government’s initiative to connect 1.5 lakh gram panchayats through an optical fiber network, thereby increasing the country’s internet connectivity.

With India pipped to take on the world with its IT prowess and increased digital integration the need for a robust policy is now more than ever.

‍Source: https://inc42.com/buzz/3-94-lakhs-and-counting-how-cyberattacks-are-a-worry-for-digital-india/