As global central banks attempt to implement digital currencies, India’s top software exporter TCS revealed on Tuesday a solution to help in implementation and usage.
The Tata Group firm has improved its blockchain solutions platform Quartz to handle the whole lifecycle of Central Bank Digital Currency (CBDC) issuance, bookkeeping, and transactions.
Vivekanand Ramgopal, the company’s president for banking, financial services, and insurance products and platforms, told PTI that having the capacity was critical for TCS, which considers the BFSI (Banking, Financial Services, and Insurance) sector as its largest business vertical.
Without specifying the scale of potential, Ramgopal stated that having the CBDC solution is “very critical” strategically, and that it is already collaborating with numerous stakeholders in the system.
According to Ramgopal, the business believes a wholesale CBDC has significant benefits over a retail CBDC and may be the first to be implemented by several nations.
Because of the benefits, the Reserve Bank of India, which is obligated to start the CBDC in FY23, is also considering introducing the wholesale CBDC first.
Ramgopal predicted that a few nations will make headway and launch CBDCs by 2023, and that the lag between wholesale and retail would be short.
He stated that, the TCS solution can serve both wholesale and retail use cases, and that CBDC would be widely used once it is deployed.
According to Ramgopal, the solution will comply with all privacy requirements, and it is feasible to “consciously configure” it for anonymity, particularly for low-value transactions.