Cyber Ecosystem and Digital Currency
Nitish Kumar Ojha, Divya Gohil, Abhishek Vaish · 2024
Taking a big leap toward a better financial future, the Reserve Bank of India has launched its much-awaited digital currency “the digital rupee” as a pilot project. Major banking organizations have been entrusted to make its success while rolling out in its best manner. However, the main stake of fruitful implementation lies in the cybersecurity ecosystem. Risk and benefits both go hand in hand and the boost in the economy can only be assured if the risk can be minimized. It can only be minimized if cybersecurity controls are deployed appropriately. Achieving the long-cherished dream of a cashless economy with the help of digital currency India sees itself in equal order of the top 3 biggest economies of the world, however, challenges of cybersecurity, i.e., weak transaction system, Prevailing poverty, digital divide, lack of technological literacy, the dominance of unorganized sector in the economy, and dependency on old cash-based system remain open weakening the uniform financial growth. In this chapter, a bird's eye view review has been done where finance and IT security are intersecting with each other, related to previous work along with challenges, their reasons, and the future aspects.