The Reserve Bank of India has started the pilot test of the digital rupee in four major cities of the country Delhi, Mumbai, Bengaluru, and Bhubaneswar. 1.71 crore digital rupees were demanded from the selected banks for the project. Customers and merchants will be able to transact with four banks State Bank of India, ICICI Bank, Yes Bank, and IDFC First Bank. As per the demand of the banks, the central bank issued a digital rupee.
E-Rupee issued by RBI is based on digital tokens. It can be issued by the central bank only and has the same value as bank notes. It is issued in 2000, 500, 200, 100, 50, and other legal denominations like paper notes.
This digital rupee will be safe in a special e-wallet, which will be provided by the banks selected for the project. This wallet will be issued by the bank, but the responsibility of monitoring it will be complete with the central bank of the country, RBI.
E-Rupee can be used in both P2P (Person to Person) and P2M (Person to Merchant) modes. Its use will also get rid of unnecessary charges incurred in payments made through UPI and other online means.
What is the opinion of economic experts on the digital rupee?
About Digital Rupee Mahesh Shukla, CEO and Founder of Pay-Me believes that Digital Rupee is a digital version of the traditional currency that people use daily. In this way, you can keep the money safe in digital format. It is based on blockchain technology, in which the rupee is treated like a cryptocurrency, reducing the cost of currency maintenance. With this, you will get security, as well as the government will need to make fewer notes in the future because the digital rupee will be considered a form of cash currency.
At the same time, according to Rachit Chawla, CEO of Finway FSC, E-Rupee is a new form of digital token. It differs from cryptocurrency in that it is issued in the same denomination as traditional currency, and cryptocurrency has its denomination. For example, a bitcoin unit may have a denomination of 0.001 while the digital currency will be available in 1, 5, 10, 20, 50, and other denominations available for physical currency. Using Digital Rupee you can send money to any person or pay any bill.
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