Digital Rupee: Understanding the risks of using digital currency
1 year, 11 months ago

Digital Rupee: Understanding the risks of using digital currency

Live Mint  

Digital currency is essentially a replacement of conventional paper currency by currency in the form of digital data on a technology-based platform on a mobile device or otherwise. According to Stas Protassov, Co-founder and executive board member, Acronis, one of the risks which exist for most if not all digital currencies is double-spending scams exploiting protocol issues or application software vulnerabilities. Jyoti Prakash Gadia, Managing director at Resurgent India said that the risks involved with digital currency will primarily relate to the possible attack on the IT platform on which the entire mechanism is going to function. Double spending scams exploiting protocol issues or application software vulnerabilities are a risk existing for digital currencies, and Digital Rupee does not seem to be an exception. "The desirable “offline capabilities” included in the project requirements bring with it the risk of “double-spending” because it will be technically possible to use a CBDC unit more than once without updating the common ledger of CBDC," said Stas Protassov, Co-founder and executive board member, Acronis “The Indian digital rupee can be subjected to cyber attacks as well as Individual hacking and there is a need for robust mechanisms, and adequate safeguards and all stages of the transactions, besides proper backups,” said Jyoti Prakash Gadia, Managing director at Resurgent India

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