Saturday, September 30, 2023

What is Digital Rupee, how can you use it


Blockchain-based Digital Rupee is to be launched in two ways. First for wholesale transactions and second for the general public in retail. The central bank is going to introduce it on a pilot basis from today. With this, you are going to get another option for payment.

Now carrying cash in your pocket will be a thing of the past. The Reserve Bank of India (RBI) is going to launch a pilot of the Digital Rupee (E-Rupee) from November 1 for special use. That is, from Tuesday, RBI’s own digital currency (RBI Digital Currency) is going to become a reality. Let us know how this digital currency will work and how it will be beneficial for you.

RBI had announced last month The Reserve Bank of India (RBI) announced at the beginning of October that it will soon start the pilot launch of the Digital Rupee (E-Rupee) for special use. For this, the central bank had fixed the date of 1 November 2022. This is currently being started as a pilot project. RBI is launching its digital currency for wholesale transactions and cross-border payments.

This is the purpose of bringing the E-Rupee CBDC is a digital form of currency notes issued by the central bank. Finance Minister Nirmala Sitharaman announced in the general budget to the introduction of the blockchain technology-based digital rupee from the financial year 2022-23. In the past. It was said by the central bank that instead of replacing the existing forms of currency. The objective of the RBI Digital Rupee is to complement digital currency and give users an additional option for payment.

This is how you can use Digital Rupee

According to the information shared earlier by RBI, CBDC (Digital Rupee) will be a medium of payment. Which will be issued as a legal tender for all citizens, businesses, governments, and others. Its value will be equal to the legal tender note (existing currency) of the safe store. After the introduction of RBI’s digital currency (E-Rupee) in the country, you will not need to keep cash with you, or there will be no need to keep it at all.

Can keep in your mobile wallet

You will be able to keep E-Rupee in your mobile wallet. Apart from this, users will also be able to easily convert it into bank money and cash. The biggest thing is that the circulation of this digital rupee will be completely under the control of the Reserve Bank of India. With the advent of digital currency. There will be a reduction in the cost of transactions for common people and businesses with the government. However, with the introduction of this digital currency. There will be no change in the existing payment systems of the country.

Very Easy to Use

You can use this digital currency to pay anyone. The CBDC will be reflected in the account in electronic form and can also be exchanged with currency notes. Just like we check our bank account balance online or check our mobile wallet. We will be able to use E-Rupee in the same way. There is a preparation to link Digital Rupee with UPI as well.

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