INDIA: "E-Rupee" Rupee in digital form, equivalent to currency and first on trial basis

INDIA: "E-Rupee" Rupee in digital form, equivalent to currency and first on trial basis – RBI;

Indians Daily 📧: newsindiansdaily@gmail.com October 08, 2022 0

Newdelhi: "E-Rupee" Central Bank Digital Currency (CBDC) will be launched. These rupees will be distributed by public sector and private banks of the country. Those who need e-Rupees can approach banks. Aadhaar number is not mandatory to use e-Rupee, only customer's mobile number is required. The ultimate aim behind the introduction of e-Rupee or digital currency is to promote digital transactions in the country.

RBI has also announced that e-rupees for special and special purposes will be launched soon. These e-rupees will be issued on an experimental basis. RBI also stated that reliability and efficiency are the other features of digital currency.

In the last budget session, Finance Minister Nirmala Sitharaman informed the Parliament that the RBI is seriously considering the issue of digital rupee. The RBI (Reserve Bank of India (RBI) has released an explanatory note in this regard. The RBI has issued an explanatory note with the intention of creating awareness about digital currencies. The objectives, benefits, It explains all the risks, the use of technology, design, potential and uses of digital rupee, etc. The RBI has also explained the implications, financial benefits and privacy issues of introducing digital currency.

Central bank digital currency is rupee issued by RBI in digital form, based on electronic voucher. It also has the same value as the existing currency. Digital Rupee is also launched to overcome fake digital currency. E-Rupee is developed by National Payments Corporation. It is a digital payment system. Transactions can be done using QR code or SMS based e-Rupee received on the customer's mobile phone. A customer can transact without the help of digital payment apps, payment cards and internet banking of the users of this system.

E-rupee can be used for providing medicines to children, women etc. and for various government schemes. The scheme can be used for services like maternal and child welfare schemes, tuberculosis eradication programs and fertilizer subsidy etc. These will be fully controlled by the Reserve Bank of India. The RBI had earlier shared concerns that other cryptocurrencies like Bitcoin and Ether are being used for tax evasion and terrorism. Hence the new Indian digital currency.

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