December 14, 2024 10:58 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Pushpa 2 stampede: Allu Arjun walks out of jail, actor's lawyer slams delay in release | Donald Trump intends to end 'inconvenient' and 'very costly' Daylight Saving Time | Suchir Balaji: Indian-origin former OpenAI researcher found dead at US apartment | Bengaluru techie suicide: Karnataka Police issues summons to wife Nikita, her family members | French President Macron appoints centrist leader Francois Bayrou as new Prime Minister | Congress always prioritised personal interest over Constitution: Rajnath Singh | Jaishankar calls attack on Hindus in Bangladesh 'a source of concern' | Allu Arjun arrested over woman's death in stampede during Pushpa 2 premiere show | RBI receives bomb threat in Russian language, case filed | UP teenager kills mother, lives with body for 5 days
Digital Rupee
Image Credit: wikipedia.org

RBI to soon commence pilot launch of digital Rupee

| @indiablooms | Oct 08, 2022, at 02:34 am

The Reserve Bank of India (RBI) Friday said it will soon initiate the pilot launch of the digital Rupee or e-Rupee for specific use cases.

RBI also released a concept note on Central Bank Digital Currency (CBDC) to build awareness about such currencies in general and the planned features of the Digital Rupee in particular.

As the extent and scope of such pilot launches expand, the RBI will continue to communicate about the specific features and benefits of digital rupee, from time to time, it said in a statement.

"The e-rupee will provide an additional option to the currently available forms of money. It is substantially not different from banknotes, but being digital it is likely to be easier, faster and cheaper. It also has all the transactional benefits of other forms of digital money," the RBI said.

The concept note discusses key considerations such as technology and design choices, possible uses of the digital rupee, and issuance mechanisms, among others.

It examines the implications of the introduction of CBDC on the banking system, monetary policy, financial stability, and analyses privacy issues.

RBI said it broadly defines CBDC as the legal tender issued by a central bank in a digital form. It is similar to sovereign paper currency but takes a different form, exchangeable at par with the existing currency and shall be accepted as a medium of payment, legal tender and a safe store of value.

CBDCs would appear as a liability on a central bank’s balance sheet.

Finance Minister Nirmala Sitharaman while presenting the Union Budget for 2022-23 had said that the RBI would roll out a digital equivalent to the rupee in the current financial year.

RBI Deputy Governor T Rabi Sankar had said last month that CBDC is the most efficient system for cross-border payments.

RBI aims to give viable alternatives and is not going for a cashless society, he had said.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.