“The Reserve Bank of India’s paper [on Central Bank Backed Digital Currencies in India] detailed a lot of things how the economy is going to be impacted [by these currencies], and how the technology is going to work,” explained Kaartikay Agarwal in his research presentation for the Meta India Tech Scholars program (MITS). “But, there was not a lot of information on what legal infrastructure would be applicable to the CBDC. So, I looked at the [then] draft data protection bill, and used it to understand that if this bill is to come into force, then how will its various provisions interact with the CBDC project, like, can various provisions of the bill help manage the ecosystem better?”
A final-year law student at the National Law University, Delhi, Agarwal’s examination found that various privacy-related legal loopholes within the data protection law existed, which may need to be redressed to fully support the objectives of a CBDC ecosystem.
MediaNama has once again collaborated with the Meta India Tech Scholars program to bring to you the tech policy research its fellows investigated over the last year. The fellows investigated critical issues of tech policy to understand how they impact and influence India’s tryst with technology. Meta launched this program to provide a research and mentorship platform to law students who are keen to engage in contemporary questions of technology, law, and policy. The law firm Shardul Amarchand Mangaldas & Co. (SAM) is supporting the program as a knowledge partner.
Agarwal’s interest in digital currencies is derived from his willingness to explore India’s financial sector and its growing interface with law and technology. He has interned with think tanks and law firms, participated in co-curricular activities like debating, quizzing, and negotiation competitions, and published writings on a wide range of topics. He enjoys travelling, watching basketball, and reading in his free time. He hopes to build a career in finance, law, and public policy. “
Disclaimer: The title, presentation, research, views and other work associated with this paper are solely those of the author. The same do not and are not meant to represent the views, positions or opinions of Meta, any of its affiliates and / or personnel.
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