China’s central bank has plans to roll out a digital yuan, which could circumvent the U.S. dollar in important global financial transactions. Here are some ways the digital yuan could pose a challenge to the dollar’s prominence.
Rajesh Bansal is no longer with Carnegie India.
Rajesh Bansal was a senior adviser at Carnegie India. His research focuses on financial technologies, particularly electronic payment systems, electronic cash transfers, and digital financial services to enable inclusive development. He leads the center’s technology and society program.
Prior to joining Carnegie India, Bansal served as the Asia regional director for BFA, a global consulting firm leveraging finance and technology, where he consulted on financial and technology issues applicable across multiple markets in Africa, Southeast Asia, and South Asia related to digital ID design and strategy, social safety nets, and national payments strategies.
Previously, Bansal was one of the key architects of IndiaStack, a digital ID-based infrastructure for a cashless service delivery platform in India. He also headed the financial inclusion unit as director of unique identification authority of India, government of India, and was instrumental in managing key relationships with the prime minister’s office, ministry of finance, and Reserve Bank of India.
Bansal has vast experience working with the Reserve Bank of India in various capacities in the areas of financial inclusion and digital finance for enabling an efficient and accessible financial sector for the public. He also headed numerous finance committees and introduced better reporting and monitoring of data on financial inclusion.
Bansal holds a bachelor of arts (with honors) in economics from Delhi University, a master’s degree in economics from Madras University, and a master of arts in international development policy from Duke University.
China’s central bank has plans to roll out a digital yuan, which could circumvent the U.S. dollar in important global financial transactions. Here are some ways the digital yuan could pose a challenge to the dollar’s prominence.
In this video, Rajesh Bansal, provides a brief explainer to Central Bank Digital Currencies (CBDCs). CBDCs are the latest exciting innovation in the world of digital payments. They are gaining a lot of relevance due to the massive potential and benefits such as reducing inefficiency, more transparency and improving the availability and usability of central bank money. As they capture the interest of the world, questions on their motivations, standard setting and possible design options will come into play.
Faster and more trackable than cash, newly minted, state-managed digital currencies are poised to revolutionize how the world buys, sells, and invests.
What would a cashless India and world look like? Jonathan Dharmapalan joins Rajesh Bansal to shed light on Central Bank Digital Currencies, which are meant to act as a replacement for cash. Together, they unpack what digital currencies are, and how they could affect the way we transact.
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