Evaluating the impact of rupee as a currency enabler in metaverse and studying its applications in purchase and e-commerce

Abstract

"Money" as a concept is fast evolving with India gradually moving towards a Central Bank Digital Currency (CBDC). The inception of CBDCs will bring forward a revolution in both the national and global monetary world. CBDCs are usually digital tokens (though legal tender recognized by the central bank), its value being equal to that oflndia's fiat currency, Rupee and thus exchangeable on a 1-to-1 basis. CBDCs and eventually digital currency can hence be stored in digital wallets (accessible through a smartphone), which could in future act as a like for like substitute for commercial and physical bank notes. Facebook (now called Meta), led by Mark Zuckerberg has a newfound focus on building the "Metaverse", an integrated virtual world. The meta verse combines virtual reality, augmented reality, the internet, entertainment services, gaming experiences and remote workplaces. With the formation ofMetaverse, financially it would require support and players (for games) and customers (for other services), which could reflect microtransactions, in-app purchases. These services, or rather new things to buy will happen in the form of multiple currencies and not always whole numbers. With the growth of in-game currencies, real-money transactions, which can be scaled up further, lead to the use of currency in Metaverse.