What is Digital Currency: Union Finance Minister Nirmala Sitharaman talked about launching digital currency during the budget of 2022. He told Parliament that digital currency will be launched this year by the Reserve Bank of India (RBI). It will be a blockchain-based currency. This digital currency has been said to be issued in early 2022-23. Now the question is coming into the minds of people what is this blockchain, how does it work, what is the digital currency associated with it, what will be the benefit to the common people. Today we will answer all your questions here.
what is a digital currency
Digital currency is based on blockchain technology. Finance Minister Nirmala Sitharaman has also reiterated the same things. This currency has been named Central Bank Digital Currency or CBDC in India. It will be issued by the Reserve Bank. The special thing about this currency is that you can convert it into sovereign currency. There are 2 types of digital currency. The first is a retail digital currency, which is issued to the general public and companies. The second is a wholesale digital currency, which is used by financial institutions.
what is blockchain
If we understand blockchain in simple words, then it is made up of two words. The first is Block, while the second is Chain. Block here refers to multiple data blocks in blockchain technology. That is, data is kept in these blocks. Here there are currency ie data in different boxes. Having currency in different boxes creates a long chain of data here. When any new data arrives, it is recorded in a new block. When a block is filled with data, it is appended to the previous block. Similarly, all the blocks are connected.
How Blockchain Technology Works
Blockchain technology works in a way in the exchange process. It works on data blocks, which we mentioned above. Each block is encrypted and electronically linked to each other. This technology was first used in 1991. .B Stuart Haber and W Scott Stornato used it to timestamp digital documents. After this, in 2009, Satoshi Nakamoto invented the cryptocurrency Bitcoin through the blockchain. You have to understand one more thing not only currency is created in Blockchain Technology, but you can keep a record of anything by digitizing it here. It's like a digital laser for you.
'I had walked alone, Janib-e-Manzil Magar...', what is the meaning of this poetic style of Shashi Tharoor?
Congress President Election News: The last date to file nominations for the Congress President's election is 30 September. Before that, there has been an uproar regarding the election. Former Madhya
Why did Vikrant Massey decide to retire from acting? Finally, the real reason has come out!
'The Sabarmati Report' actor Vikrant Massey shocked everyone by announcing his retirement from films by posting on Instagram yesterday. After this shocking news, everyone wants to know why the actor
WHO's advice 'Don't give children cough syrup of Noida's Marion Biotech Company'
World Health Organization Cough Syrups: The World Health Organization (WHO) has recommended that two cough syrups made by Noida-based company Marion Biotech should not be used for children in
Tawang Clash: Monks of Tawang Monastery supported India, and said- 'This is not 1962 but 2022'
Following the skirmish in Yangtse between Indian and Chinese troops on the Line of Actual Control in the Tawang sector, the reaction of the monks of the famous Tawang Monastery has also come to the
Delhi vs Center: Who will have control over the services, a 5-judge constitution bench will hear the petition
Chief Justice of India (CJI) N.V. Raman on Monday said he has constituted a five-judge Constitution Bench to hear legal issues relating to the scope of legislative and executive powers of the Center
'If we make laws, it will create social instability in the country,' Owaisi warns the government on the Waqf Amendment Bill.
All India Majlis-e-Ittehadul Muslimeen (AIMIM) chief Asaduddin Owaisi has warned the government on the Waqf Amendment Bill-2024. He said that this will create social instability in the country. He
Russians do not want to join the army, attack recruitment centers: leaving the country against Putin's decision, and more anger in Muslim-majority Dagestan
Russia's attack on Ukraine has completed 7 months and for the first time in this war, Russian President Vladimir Putin is facing the anger of the people in his country. Behind this is his decision to
RBI's big announcement: You will be able to withdraw money from any ATM without a debit card, fraud cases will be curbed
Where digitization has become a dealer for the benefit of the people, then its disadvantages are also not less. Cases of online fraud keep coming to the fore day by day, along with this, the general
Sri Lanka Crisis: How Sri Lanka's economy got derailed while walking on the path of speed, which created a ruckus, know - China's role in this
The ongoing political and economic unrest in India's neighborhoods has attracted the attention of the whole world. India is also eyeing the economic and political plight of Sri Lanka. India's concern
Debate on Inflation: Finance Minister said – no one is denying that inflation has increased, we are not running away
During the debate on inflation in the Rajya Sabha, Finance Minister Nirmala Sitharaman said that no one is denying that prices have increased. We are not running. We have a band of the inflation rate,
