Youth Intention Towards Implementing Digital Currency: Role of Social Media and Government

Introduction

Development of Information communication and Technology (ICT) has redefined the financial economics in the global context. The revolution in the internet and software technology paved a way to improve the usage of digital currency (Aditya Kulkarni, 2022) Additionally, Reserve Bank of India initiated with Central Bank Digital Currently (CBDC) with intention of promoting the digital economy in India. However, numerous steps taken by the government to make the public to accept the digital currency and ensure the financial inclusion with safe transaction. The digital landscape is evolving gradually in India, as a result wide incremental growth on internet usage. (S. Adgaonkar, 2022) Digital currency referred as a kind of electronic form of fiat money used for contactless transactions where as a value of money protected by encryption is called as crypto currency. Digital currency is likely to appear in India during the 2023-24 FY, these currencies are already used by private companies in their wallet in different forms. Generally, social media become an instrumental on people’s decision making in recent days. According to the global statistics the social media users are increasing to 467 million in 2023 (Global statistics report, 2023). Especially, Indians are spending 2.36 hours on an average in social media. It is an evident that how far the social media is occupying the people for different usages. The primary objective of the study is to portray the significance of digital economy and to trace out in what way government has been using social media as an instrument to penetrate the digital currency among the youth populationfor achieving the digital financial inclusion. Secondly, the study explores various factors which familiarize the digital currency among the youth, they are: perceived ease of use, perceived usefulness, responsibility, Quality information, Accountability, Trust and Intention. One of the ways to strengthen the monetary system and motivating element of financial inclusion is Central Bank Digital Currency (CBDC) and also it ensures execution of planned fiscal and financial policy with structured manner (Aditya Kulkarni, 2022). The unstoppable fintech revolution penetrated almost in all the sectors and the digital currency is an important part of the revolution which includes various areas of payment services and settlement system. Need to have enough study to understand the feasibility of the digital currency in India (Manpreet Kaur, 2019). The concept of digital payment is not a new one, digital payment services are already in practice in the name of Immediate Payment Services (IMPS), Real Time Gross Settlement (RTGS). Moreover, the scheme of Digital India enforced during the period of 2014-15 and it showed a way for cashless transaction through Unified Payment Services (UPS). It was a pioneering payment system which strengthened the cashless payment in nook and corner of the country through various applications such as Bharat Interface for Money (BHIM), Paytm, G-pay, phone pay etc. The major goal line of the digital payment service is to provide alternative for physical cash. And, also all these digital transactions can streamline the deposits and payments under the purview of bank account, it helps to include every citizen in the financial system (M.A. Haque & M. Shoaib, 2023). Union Budget of India 2022-23 insisted the significance of digital currency and it emerge to lift up the digital economy. India’s dynamic potential is youth population, the biggest strength for the developing country is tremendous growth of young and energetic population. The positive force to develop the nation is depending on the skill driven opportunities given to the youth population (Youth in India, 2022). The present study will explore the youth intention towards implementing the digital currency and also the study highlights the digital currency’s acceptance level among the youth population. Moreover, the study identifies how far the government has been using the social media as an instrument to influence the youth population on the acceptance of digital currency. The paper has been segregated in to nine section which includes introduction, theoretical framework, formulation of hypothesis, measurement, research model, discussion and conclusions, theoretical & managerial implications and Limitations & Scope for future study.