Digital Rupee: The Reserve Bank of India has launched a significant effort to promote the use of Digital Rupee throughout the nation. Starting today, December 1st, RBI will introduce the first Retail Digital Rupee (e-R) pilot project.
The government made an announcement regarding this in the budget, and numerous strategies are currently being developed to promote digital currency throughout the nation.
CBDC is the name given by RBI
The digital currency is known as Central Bank Digital Currency by the Reserve Bank (CBDC). The country becoming cashless will benefit greatly from this as well.
But today, we’ll let you know if this government move will have an impact on services like UPI or Paytm, Google Pay, and PhonePe.
The use of digital currency and mobile wallets do not compete.
Media sources state that these two do not compete when it comes to mobile wallets and digital wallets.
A fresh approach to promoting the cashless economy is digital payment. You must first purchase one digital rupee before using your wallet to conduct transactions.
This system is based on the blockchain
You will be able to conduct transactions using digital currency, a type of blockchain-based digital system.
In addition to this, you can conduct transactions without using a bank while using retail cash. Compared to UPI, this method is very different.
Which cities will it debut in first?
According to information obtained from the administration, the first phase will begin in 4 cities. Mumbai, New Delhi, Bengaluru, and Bhubaneswar will be the first cities where it begins.
Following this, it is intended to be extended to Shimla, Hyderabad, Ahmedabad, Gangtok, Guwahati, Indore, Kochi, Lucknow, Patna, and Ahmedabad.
Which banks will be a part of this?
In addition, SBI, ICICI Bank, Yes Bank, and IDFC First Bank will be the first to be mentioned.
At the same time, it would later include the Bank of Baroda, Union Bank, Kotak Bank, and HDFC Bank.
The cost of printing notes is thousands of crores of rupees.
The government will be greatly relieved from the enormous expense of producing money after the adoption of digital currency.
A 100 rupee note currently costs the government between 15 and 17 rupees to print. A note, however, only lasts for around four years.
Just for printing notes, the central bank spends thousands of crores of rupees. At the same time, there is absolutely no expense associated with digital currency.
Additionally, the issue of counterfeit notes will be totally resolved.
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