According to RBI Chief General Manager Yogesh Dayal, as the pilot project’s scope expands, RBI will continue to disseminate details regarding the unique characteristics and advantages of the digital rupee.
E-Rupee Digital Currency In India
Digital currency is being tested by the Indian central bank. Let us inform you that on Friday, October 7, the Reserve Bank of India published a concept note on the digital rupee. For the central bank’s benefit, the bank has been conducting tests on the use of digital currency – Central Bank Digital Currency – for a number of months (CBDC). In this context, the Central Bank has announced that it will shortly begin a trial programme for the e-rupee. The launch of this pilot project will be for a particular application of this digital rupee.
What are the benefits of e-Rupee Digital Currency
Know that with digital currency, you won’t need to carry cash on hand. It will function with you like a mobile wallet. The main benefit of it is that you’ll want to keep it. You can store digital currency in your account or in your mobile wallet. The anonymous exchange of digital currency will continue. Its distribution will be regulated by RBI.
What RBI said on this E-Rupee?
In the concept note published by Yogesh Dayal, Chief General Manager, RBI, it was stated that RBI will keep the public informed about the precise features and advantages of the digital rupee as the pilot project’s scope grew. The concept note also covers important topics including potential applications for digital currency, its issuing method, and available technology and design possibilities.
Indian Finance Minister (Nirmala Sitharaman) announced
Let us inform you that RBI would issue digital money or central bank digital currency in the upcoming fiscal year, as announced by Finance Minister Nirmala Sitharaman on February 1, 2022, when presenting the budget. According to Nirmala Sitharaman, the Reserve Bank of India was consulted before deciding to launch the Digital Rupee. Digital currency issued by RBI will be officially recognised. The pilot project includes State Bank of India, Punjab National Bank, Union Bank of India, and Bank of Baroda.