Digital Rupee launched by RBI
Digital Rupee launched by RBI : How can you use it?
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Digital Rupee launched by RBI
The wait for the country’s own digital rupee is coming to an end. The Reserve Bank of India has launched a digital currency. Currently it is being launched as a pilot project and only 9 banks of the country will be able to make payment or settlement in it.
According to the Reserve Bank, this digital rupee will first be used as settlement amount on purchase and sale of government securities i.e. government bonds etc. However, the RBI has also said that within a month the digital rupee will be launched as a pilot project for retail transactions (small transactions).
By means of digital rupee, people’s dependence on cash will be reduced and in a way it will also prove to be a good option for wholesale transactions. So far transactions are done through challan, rupees or check or any banking system, but digital notes will not require any hard currency. You will be able to do wallet to wallet transactions.
What is Digital Rupee?
The Reserve Bank of India says CBDC is a legal currency issued by the central bank in digital form. According to the RBI website, it is similar to paper currency and can be exchanged with paper currency. Only its form is different. Simply put Digital Currency (CBDC) or Digital Rupees are currency notes issued by RBI in digital form. Cash present in electronic form can be used for contactless transactions. There will be two types of digital currencies in India.
How Google Pay is different from e-wallets like Paytm, UPI?
There is a limit to e-wallet, but you can transfer larger amount than digital currency in it, but it also has a big security concern, so that it is not missed, like what will be done in case of transferring money to wrong number. The details regarding this will also be clarified by RBI.
Will currency notes expire?
No, it won’t, but it would be convenient. Now if your notes get torn or stolen it will be a problem, but digital currency won’t have all these problems. There will be no tension during the journey. Currently it is difficult to transfer two lakh five lakh, which will become easy now. Efforts are also being made to upgrade cash transfers.
What are the benefits of digital rupees?
The biggest advantage will be that the cost of printing notes and delivering them to bank branches, ATMs will be saved. Along with this, problems like burning, cutting, tearing and getting wet will also get rid of it. In the last financial year, the Reserve Bank had to spend around Rs 5000 crore just for printing notes.
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This cost rises and falls according to the amount of currency printed each year. This cost will be saved as the trend of digital rupees increases. This will also reduce the risk of compromise. New age entrepreneurs will also be able to bring products with new technology based on it. In one way, the introduction of new products into the payment system will be encouraged. Efforts will also be made to simplify the process of sending or receiving money abroad with digital money
Source: forwarded message. Check the correct details from the official site