The wait is over, RBI will launch its own digital rupee, this is how it will be used

Digital Rupee Launch Date Today in India 2022: The Reserve Bank of India has informed that the first pilot project of the Central Bank Digital Currency (RBI Digital Currency) is going to launch Digital Rupee on Tuesday. It will be used in government security transactions. This will be for wholesale business only.

Will be launched for select users

RBI said that within 1 month there is a plan to launch Digital Rupee for the retail segment as well. It will be launched first for a few selected users in select places. These users will include customers and merchants.

These 9 banks will take part

The Reserve Bank has informed on Monday that 9 banks will participate in this pilot project. This includes State Bank of India, Bank of Baroda, Union Bank of India, HDFC Bank, ICICI Bank, Kotak Mahindra Bank. Mahindra Bank), Yes Bank, IDFC First Bank and HSBC Bank have been selected to participate.

The use of Digital Rupee will be limited

It is to be known that RBI had said on 7 October 2022 that it would soon start a pilot project for this. The use of digital rupees has been kept limited during the pilot project. The results of the pilot project will be analyzed by the central bank. After this it will be widely brought in the market. Digital Rupee will reduce the transaction cost of banks.

Digital transactions become the first choice

Vipin Kumar, CEO of Technoloader Pvt Ltd, says that launching a digital rupee using blockchain is not a difficult task for the government. He said that people in India are doing digital transactions or payments in the form of UPI ID and bar code. At present, many people are giving more importance to digital transactions.

Transaction will be done easily

Let us tell you that digital currency created with blockchain technology will be transferred from one digital wallet to another like other crypto assets. To transfer money, punch in the wallet address of the recipient. This will be similar to today’s UPI transaction, where the value of money is transferred from one’s wallet or bank account to another.

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