On December 1, the digital rupee or e-rupee will launch its first pilot program for retail use. According to the RBI, the closed user group (CUG), comprising participating customers and retailers, will be the only group to initially benefit from the pilot.
Central Bank Digital Currency Operation – Retail Pilot (e₹-R)https://t.co/Coh632lCwU
— Reserve Bank of India (@RBI)
November 29, 2022
What is Digital Rupee?
The Indian Rupee, a fiat currency, is represented digitally as “Digital Rupee”. It is comparable to a paper-based fiat currency that can be exchanged for any other fiat currency.
How to Buy Digital Rupees?
This financial year, the Reserve Bank of India (RBI) will launch Digital Rupee. According to the central bank, users will be able to exchange rupees digitally through digital wallets provided by participating banks and kept on mobile phones or other devices.
The central bank has confirmed that both person-to-person (P2P) and person-to-seller transactions in digital rupees (P2M) are possible. Users will be able to make online-like transactions using QR codes displayed at sales locations to pay in e-Rupee.
Features of Digital Rupee
The benefits of CBDC are comparable to those of cryptocurrencies and other forms of electronic payments.
Other characteristics of a CBDC include requiring all individuals, businesses, and government entities to accept digital currency as a form of payment, legal tender, and secure store of value.
- It’s simple to convert it into cash and commercial bank money.
- Holders or consumers of the digital rupee will be able to use it without having a bank account as it will be a flexible legal tender.
- The digital rupee cannot be torn, burned or physically damaged.
- Digital Rupee is irreplaceable.
- The lifeblood of a digital form of currency that will last forever as opposed to paper money.
- The digital rupee will be managed by a central authority, which has the significant benefit of reducing the volatility risks that many fear.
List of all participating banks
RBI, Central Bank has issued a press release naming the banks participating in the digital rupee pilot. And the nine banks are:
- State Bank of India
- Bank of Baroda
- Union Bank of India
- HDFC Bank
- ICICI Bank
- Kotak Mahindra Bank
- Yes Bank
- IDFC First Bank
Mumbai, Delhi, Bengaluru and Bhubaneswar will be the first four cities that the pilot program under the Digital Rupee release will cover. Later, Ahmedabad, Gangtok, Guwahati, Hyderabad, Indore, Kochi, Lucknow, Patna and Shimla will be added.
However, there is no estimated date for when the service will be available in all cities and in all banks.
Digital Rupee: All you need to know!
Puzzle based on Digital Rupee
Categories: Optical Illusion
Source: pagasa.edu.vn