A Proposed Architecture for a Central Bank Digital Currency for India
Most central banks across the globe are today seized with the idea of cryptocurrency, with countries like Sweden and China already embarking on their pilot projects. This paper argues that most of the proposed architectures for a Central Bank Digital Currency (CBDC) are not designed to mimic the paper currency in its digital form. It proposes an architecture that largely retains all the properties of a paper currency, with only one limitation—i