Reserve Bank of India (RBI) Has launched Digital Rupee (e-Rupee) from today. According to the information given by the central bank, in the initial phase people of Mumbai, Delhi, Bengaluru and Bhubaneswar will be able to use e-Rupee. RBI has just started e-Rupee on a pilot project. For this, SBI, ICICI, Yes Bank and IDFC First Bank have been selected. In such a situation, it is believed that soon e-Rupee will start in other states of the country for the common people. So let’s know how the digital rupee is different from the rupee being used now and how you will be able to shop with it.
In this way you will be able to use digital-form
- digital form Received in the form of a digital token. It will be issued in the same denominations in which paper currency and coins are issued at present. That is, you will get digital rupees of different denominations ranging from 10, 20, 50. It will be distributed through banks.
- digital wallet I will have digital money. Banks will provide you the facility of digital wallet for e-Rupee. People will be able to make purchases with e-Rupee through a digital wallet on their mobile phones.
- digital form The transaction will be Person to Person (P2P). That is, you will be able to do it from one person to another. At the same time, using the QR code, you will be able to pay the merchants.
- digital form Cash will provide the confidence, security and convenience of settlement like money. That means digital rupee will be completely safe. This will also make the transaction like cash and rupees.
- AlthoughLike cash, you will not get any interest from the bank on this. This can be converted into other types of money i.e. purchase of gold or any other deposit.
Key Features of Digital Rupee
- The digital rupee is a sovereign currency issued by the central bank in accordance with its monetary policy.
- On the central bank’s balance sheet, the digital rupee is listed as a liability.
- It will be a valid form of payment for all individuals, businesses and government organizations.
- CBDC is freely convertible into cash and money from commercial banks.
- Holders of a CBDC do not need to have a bank account as it is fungible legal money.
- CBDCs are expected to reduce the currency issuance price and transaction costs.
What is Digital Rupee?
Central Bank Digital Currency (CBDC) is the official form of currency of the Reserve Bank of India. RBI’s CBDC, also known as Digital Rupee or E-Rupee, is one-to-one interchangeable with fiat currency and is similar to a sovereign currency.
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