Presenting the budget for the financial year 2022-23 on February 1, Union Finance Minister Nirmala Sitharaman made several big announcements. Taking another step towards Digital India, he said that the Reserve Bank of India will launch a digital currency. According to the Finance Minister, the digital rupee will be issued by the RBI. By the way, the concept of digital currency is not new. There is already trading of other digital or virtual currency including bitcoin in the world. But after the announcement of the Finance Minister, there is a discussion all-around about the digital rupee. Everyone wants to know what is Digital Rupee, how will it work, what will be its advantages and disadvantages? The digital rupee will also be like bitcoin or other virtual currency. Only it will be issued by RBI. Let us understand in simple words some good and bad things about the digital rupee...
Good things about the digital rupee or currency
Digital Rupee would have gotten legal recognition from RBI.
It will be a digital form of Rupee.
It can be exchanged with any currency.
With the launch of Digital Rupee, merchants based in India can easily make payments to merchants in the US and Europe in Digital Dollars or Digital Ponds.
This will be real-time payment and no intermediary will be required in such a transaction.
Bad things of digital rupee
The biggest challenge before the digital rupee or currency is technology. Due to technology, cases of fraud and scams can increase.
For the use of digital currency, good internet speed is necessary for the whole country.
Until the infrastructure of high-speed internet is ready, the success of digital currency cannot be expected.
Difference between cryptocurrency and digital currency
India's digital currency will be just like money, which can be used anywhere. In addition, digital currency can also be exchanged. Whereas this is not the case in cryptocurrency.
Apart from this, you will be able to use Digital Rupee anywhere. Just as debit cards, credit cards, online payments are accepted anywhere, digital rupees will also be valid everywhere. But if you take crypto and go to the grocery store to buy flour or rice, then you will probably have to return empty-handed disappointed from there.
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