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While I agree with many of your points, in this context, UPI is just a money transfer platform. It’s not currency or a currency equivalent of any sort. There i
by wtmt 3y ago
While I agree with many of your points, in this context, UPI is just a money transfer platform. It’s not currency or a currency equivalent of any sort.
There is a CBDC (Central Bank Digital Currency) in a pilot phase in India since last year.
- ETH_start 3y agoThe UPI is an interface for the Immediate Payment Service, which is a payment network owned and operated by the National Payments Corporation of India, which in turned is owned jointly by the Indian government and an association of private Indian banks: the Indian Banks' Association. I personally think a centrally owned service like the IPS is very useful. I just think we would be better off having a permissionless and decentralized alternative that has wide enough adoption to make useful and hard to prohibit, to both provide competition to the centrally controlled network, and to act as a failsafe in case that network is mismanaged and run in an abusive fashion, e.g. locking out those who refused to get a COVID vaccine.