Digital Rupee refers to the digital version of the Indian Rupee, which is the official currency of India. The Digital Rupee is a digital currency that is created and issued by the Reserve Bank of India (RBI), the country’s central bank. It is expected to be a secure and efficient way to carry out transactions in the country and help to promote financial inclusion.
The Digital Rupee is likely to be a central bank digital currency (CBDC), which means that it will be a digital version of the Indian Rupee that is backed by the government and regulated by the RBI. The digital currency will be issued using blockchain technology, which provides a secure and transparent way to record transactions.
The Digital Rupee is expected to provide several benefits, such as:
It is also expected to provide a secure and stable alternative to cryptocurrencies, which are currently unregulated in India.
However, the Digital Rupee is still in the development phase, and its implementation and adoption are subject to various regulatory and technological challenges.
The Digital Rupee is expected to provide several benefits, such as:
- Reducing transaction costs,
- Enhancing financial inclusion, and
- Improving the efficiency and
- Speed of payments.
It is also expected to provide a secure and stable alternative to cryptocurrencies, which are currently unregulated in India.
However, the Digital Rupee is still in the development phase, and its implementation and adoption are subject to various regulatory and technological challenges.