Missing links in CBDC
This refers to ‘Is e-rupee a real game changer’ (October 28). While looking at the viability and the design of CBDC, one wonders how its introduction is going to lead to a paradigm shift in digital transformation in the light of well entrenched digital payment options like UPI, NEFT, IMPS, etc. The move to introduce CBDC seems solely to counter crypto coins which are proliferating on a massive scale worldwide. Advanced economies like the US and the UK are showing least interest in launching CBDC.
With e-rupee being mooted as an alternate payment mechanism for international trade, will its introduction prove to be a success without the participation of major economies? As per the contemplated structure, if funds are held in non-interest bearing accounts of customers, what incentives customers will have to park in such accounts that too in wholesale segment which may lead to erosion in its value due to inflation, etc.?
There are many missing links in the whole structure that too at a time when the RBI is going ahead full throttle for increased usage of UPI which is akin to e-rupee.
Reining in Google
This refers to ‘Fines on Google are CCI’s thought out decisions: Govt’ (October 28). The strict action against tech giant Google by the competition watchdog is aimed at creating a level-playing field in the digital domain and deterring big players from monopolising markets. Google has huge stakes in India, with its Android operating system powering 97 per cent of the country’s around 60 crore smartphones.
The tech major is already facing a probe, ordered by the CCI after it received multiple complaints, for allegedly imposing unfair revenue-sharing terms with regard to news content.
Lack of transparency plagues Google’s revenue-sharing model with India’s digital media houses. The CCI needs more legislative teeth to regulate the operations of tech giants. India, on the lines of Western countries, should frame the guideline to empower publishers of online content to collectively negotiate with dominant online platforms regarding the terms on which the content may be shared.
N Sadhasiva Reddy
Pay parity in cricket
This refers to ‘BCCI to pay men, women cricketers equally’ (October 28). It’s better late than never. Kudos to BCCI and its new president Roger Binny for taking this decision, which was long overdue. There was a huge gulf between men and women match fees earlier. Like match fees, it would also be better that more tours or bilateral ties are organised for women cricket teams to give them greater exposure.
Challenges await Sunak
Apropos the editorial ‘Right choice’ (October 28), every other country was keenly watching the process of Rishi Sunak becoming the Prime Minister of the UK. Rishi has assumed office with a crown full of thorns. Issues such as budget deficit, inflation, price rise, high interest rate, economic instability, current account deficit, low growth in GDP, high rate of unemployment, declining public services, sliding markets and trade imbalances on account of Russian-Ukraine war, etc., all cropped up and exacerbated as there were no concrete measures to resolve them.
It will be difficult for anyone to bring financial stability in a short period.