RBI has launched Digital Rupee. However, it has no connection with Crypto.Digital rupee would have the same denominations as Paper Currency and Coins unlike Crypto, which is highly volatile.
Here’s How Digital ₹ Would Work!
6 Important Things to Know About Digital ₹
#1 The e-Rupee would be issued in the form of digital token in select countries
#2 Users will be able to transact with e-₹ through a digital wallet offered by participating banks. You can store this wallet in your mobile wallet.
A Currency Revolution Like Never Before
#3 Person-to-Person & Person-to-Merchant transactions would be possible via e-₹
#4 Value would be same as Paper Currency & Coins
Important Factors to Consider
#5 It’s a pilot project so there can be changes in e-₹ functionality based on the learnings
#6 There’s a cloud on whether e-₹ can be used to earn interest like cash deposits
Selected Banks for Digital Rupee
Selected Cities for Digital ₹
1st Phase - Mumbai, New Delhi, Bangalore & Bhubaneswar
#1 It will be issued based on RBI’s monetary policy#2 The digital ₹ is freely convertible into cash from commercial banks#3 You don’t need to have a bank account to have RBI’s digital currency
Two Types of Digital Currency to be Issued
RBI has said that Digital ₹ can be classified into two categories:1. General Purpose or Retail (CBDC-R)2. Wholesale (CBDC-W)
Would Digital ₹ Simplify India’s Currency System
Like Navi Has Simplified Investing?
Disclaimer: Mutual investments are subject to market risks, read all scheme-related documents carefully.