On November 1st, RBI launched a pilot program for its digital currency, allowing a selected number of banks to settle secondary-market transactions in government assets. Within a month, certain places may test the e-rupee for retail use, according to the Reserve Bank of India. India is stepping up its opposition to private digital currencies as the launch occurs. This year, officials unveiled a new tax structure that drastically reduced volumes on cryptocurrency exchanges.
With this, let us understand a little more about India’s Digital currency-
A digital form of legal money issued by a central bank is known as Central Bank Digital Currency (CBDC), according to the Reserve Bank of India. The RBI states that “CBDC is the legal tender issued in digital form by a central bank. It is interchangeable one-to-one with fiat currency and is the same as fiat currency. Its only distinction is in form. With the use of wallets supported by blockchain, CBDC, a digital fiat currency, can be exchanged.
How will CBDC help?
There are compelling reasons for central banks to begin issuing “digital cash”—an electronic counterpart to notes and coins—in light of the anticipated growth of digital currencies (such as Bitcoin). Similar to conventional currency, digital currencies can be very useful. They can be applied to both paying for products and services.
What would the implementation of the digital rupee mean for the populace?
Technology experts and evangelists have put forth a number of models for how the digital rupee may be used in transactions; the specifics will probably be revealed in the RBI’s official announcement. A key distinction between digital rupee transactions and present digital payment methods could be that digital rupee transactions in the future would be immediate.
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