E-Rupee Digital Currency In India: In India, the central bank is engaged in testing the digital currency. Let us tell you that the Reserve Bank of India has issued a concept note on Digital Rupee on Friday, 7 October. For the past several months, the bank has been conducting trials on behalf of the central bank regarding digital currency on the lines of digital currency – Central Bank Digital Currency (CBDC). In this regard, the Central Bank says that it is going to launch a pilot project on e-rupee soon. This pilot project will start for some specific use of this digital rupee.
See what RBI said
In the concept note issued by Yogesh Dayal, Chief General Manager, RBI, it has been told that as the scope of such pilot project increases, RBI will continue to inform about the specific features and benefits of the digital rupee. The concept note also discusses key issues such as technology and design options for digital currency, possible uses of digital currency, and issuance mechanism of digital currency.
Finance Minister announced
Let us tell you that Finance Minister Nirmala Sitharaman, while presenting the budget on February 1, 2022, announced the issuance of digital currency or central bank digital currency by RBI in the coming financial year. Nirmala Sitharaman had said that the decision to introduce Digital Rupee has been taken after consulting the Reserve Bank of India. RBI’s digital currency will get legal recognition. State Bank of India, Punjab National Bank, Union Bank of India and Bank of Baroda have been included for the pilot project.
See what are the benefits
Know that you will not need to keep cash with digital currency. It will work like a mobile wallet with you. Its biggest feature is that you will get interest on keeping it. You can keep digital currency in your mobile wallet or you can keep it in your account. The secrecy of the circulation of digital currency will be maintained. Its circulation will be controlled by RBI.
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