Digital Rupee: Financial transaction habits will change, what are the advantages of e-rupee, do you know?
e-Rupee Features: Digital Rupee is similar to banknotes. Only he is elusive. E-Rupee is a virtual currency that exists in the vast world of the Internet.
New Delhi: The tendency to use digital currency instead of cash is gradually increasing. Like the rest of the world, the trend of using cryptocurrency started in India. But just as the benefits of this digital currency are many, so are the risks. From online fraud to supporting terrorist activities, there are many concerns about the use of digital currencies. And that is why the Reserve Bank of India is going to bring an all-domestic digital currency. The Reserve Bank has launched the first digital rupee pilot in India from the 1st of this month. The digital currency will soon also be used in retail or marketing.
The digital rupee, also known as the central bank digital currency, has already been launched as a pilot project. According to the Reserve Bank of India, the use of digital currency will lead to major changes in commerce. With the government seal on these coins, there is no possibility of financial fraud or loss.
Nine banks have been identified by the Reserve Bank of India for the digital rupee. These banks are – State Bank of India, Bank of Baroda, Union Bank of India, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Yes Bank, IDFC Fast Bank and HSBC.
Reserve Bank Governor Shaktikanta Das said, “There will be technical and procedural issues during the launch of the digital rupee. But RBI will remove all problems and bring CBDC to the market in a way that there are no obstacles.
What is the digital rupee?
Digital rupees are like banknotes. Only he is elusive. E-Rupee is a virtual currency that exists in the vast world of the Internet. E-Rupee will facilitate the money transaction process. There will also be no note printing costs. A quick exchange will be possible without any hassle. All payments can be made without additional transaction fees. As CBDC or electronic rupees are equivalent to real currency, this currency will also be used instead of paper banknotes.
Benefits of Digital Rupee-
Transactions through UPI require the user to have a bank account, digital currencies do not require a bank account.
Digital currencies do not have an expiration date. This digital currency can be used for life. In addition, the digital currency will not be damaged or destroyed in any way. E-Rupees do not have the potential for financial risk in currencies like Bitcoin.
The use of electronic rupees will also save the government a lot of money. Because in case of paper notes, there will be no printing, distribution and storage costs. Reducing dependence on paper will also save the environment.
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