Central Bank Digital Currency Explained: What Is Digital Rupee, How It Works And How It Is Different From Bitcoin
2 years, 10 months ago

Central Bank Digital Currency Explained: What Is Digital Rupee, How It Works And How It Is Different From Bitcoin

News 18  

Finance Minister Nirmala Sitharaman during her Union Budget 2022 speech made some major announcements related to cryptocurrencies, especially the new tax on crypto earnings. Calling it the Central Bank Digital Currency, the announcement says Digital Rupee will give “a boost to the digital economy". Digital Rupee is powered by blockchain technology which makes currency management cheaper, allowing the Government to print less notes in the future. WATCH VIDEO: Xiaomi 11i HyperCharge Smartphone Review: Reliable All-rounder With 120W SUPER FAST Charging HOW WILL DIGITAL RUPEE WORK Even though Digital Rupee will be powered by blockchain technology, it will be governed and monitored by the Central body, which prevents volatility in the currency owing to different reasons. Watch Video: NoiseFit Evolve 2 Review: Good Smartwatch Under Rs 5,000 IS DIGITAL RUPEE DIFFERENT FROM CRYPTOCURRENCIES LIKE BITCOIN Digital Rupee has all the blueprints of a cryptocurrency.

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History of this topic

What is e-rupee and why do Google Pay, PhonePe want to join RBI’s digital rupee project?
4 months, 2 weeks ago

What is e-rupee and why do Google Pay, PhonePe want to join RBI’s digital rupee project?

The Hindu  

The story so far: Fintech companies including Google, PhonePe, Amazon Pay, Cred, and Mobikwik are looking to join the Indian central bank’s digital currency project by allowing their users to transact in e-rupee via Unified Payments Interface. Unlike deposits which pay interest, the digital rupee in users’ wallets does not attract interest payments from the central bank. Since cryptocurrencies are …

RBI’s Digital Rupee: Google, PhonePe, Amazon Pay, Cred, and Mobikwik To join digital currency pilot project
4 months, 2 weeks ago

RBI’s Digital Rupee: Google, PhonePe, Amazon Pay, Cred, and Mobikwik To join digital currency pilot project

The Hindu  

Google, PhonePe, Amazon Pay, Cred and Mobikwik are looking to join Indian central bank’s digital currency project by offering transactions in e-rupee, a digital alternative to the physical currency. The news comes as transactions using the digital currency reached over a million a day last year, however, they have declined ever since, to about 100,000-200,000 a day. However, in April …

Central Bank Digital Currencies Are Redefining Digital Money
10 months, 1 week ago

Central Bank Digital Currencies Are Redefining Digital Money

The Quint  

The Reserve Bank of India, in a forward-looking move, decided to extend the pilot program for the digital rupee. This extension reflects the central bank’s commitment to exploring and harnessing the potential of central bank digital currencies. Private players who dominate the digital payments market have simplified life for the world population with innovations like e-money, online transactions, mobile banking, …

Digital Rupee: RBI Aims To Expand Use Cases, Features Of Retail, Wholesale CBDC
1 year, 6 months ago

Digital Rupee: RBI Aims To Expand Use Cases, Features Of Retail, Wholesale CBDC

News 18  

The Reserve Bank of India targets to expand the use cases and features of CBDC-Retail and CBDC-Wholesale, according to the central bank’s annual report released on Tuesday. “During 2023-24, the Reserve Bank aims at expanding the ongoing pilots in CBDC-Retail and CBDC-Wholesale by incorporating various use cases and features. “As the Reserve Bank embarks upon the journey of realising the …

Digital Rupee: RBI launches expand e-Rupee pilot to include more banks
1 year, 6 months ago

Digital Rupee: RBI launches expand e-Rupee pilot to include more banks

Live Mint  

The Reserve Bank of India wants to expand the ongoing pilot of the Central Bank Digital Currency and incorporate various use cases and features in 2023-24. In its annual report for 2022-2023, the central bank said, "During 2023-24, the Reserve Bank of India aims at expanding the ongoing pilots in CBDC-Retail and CBDC-Wholesale by incorporating various use cases and features." …

Digital currency to further bolster digital economy, make payment system more efficient: RBI
1 year, 10 months ago

Digital currency to further bolster digital economy, make payment system more efficient: RBI

India TV News  

RBI Executive Director Ajay Kumar Choudhary on Wednesday the digital currency will further bolster the digital economy, make the payment system more efficient and reduce the cost involved in physical cash management. Central Bank Digital Currency The RBI has already launched pilots of CBDC in wholesale and retail segments last year. He said the key motivation for exploring the issuance …

E-Rupee Cannot Be Converted Into Cash Yet, Says RBI Official
1 year, 11 months ago

E-Rupee Cannot Be Converted Into Cash Yet, Says RBI Official

News 18  

Speaking at an event organised by the Indian Merchants’ Chamber, Anuj Ranjan, the chief general manager at the RBI’s fintech department, said that at present eRupee cannot be transformed into cash and vice-versa. Anuj Ranjan said that the central bank will bear costs relating to eRupee as it is part of RBI’s liabilities. One such currency is the digital Yuan …

Digital Rupee: Understanding the risks of using digital currency
1 year, 11 months ago

Digital Rupee: Understanding the risks of using digital currency

Live Mint  

Digital currency is essentially a replacement of conventional paper currency by currency in the form of digital data on a technology-based platform on a mobile device or otherwise. According to Stas Protassov, Co-founder and executive board member, Acronis, one of the risks which exist for most if not all digital currencies is double-spending scams exploiting protocol issues or application software …

Digital rupee not the magic bullet Central government is hoping for
1 year, 11 months ago

Digital rupee not the magic bullet Central government is hoping for

The Hindu  

Published : Dec 29, 2022 10:30 IST In recent times, the financial world has been in a state of excitement after the Reserve Bank of India announced the launch of the pilot for a retail digital rupee on December 1. Crypto gamble It is to be noted that with the threat of cryptocurrency, which began with Bitcoin in 2009, now …

Next Financial Crisis Will Come From Private Cryptocurrencies, Says RBI Governor Shaktikanta Das
2 years ago

Next Financial Crisis Will Come From Private Cryptocurrencies, Says RBI Governor Shaktikanta Das

News 18  

RBI Governor Shaktikanta Das on Wednesday said the biggest concern with the private cryptocurrencies like Bitcoin and Ethereum is that they do not have any underlying value, and if they are allowed to grow, the next financial crisis will come from them. If you allow it to grow, the next financial crisis will come from private cryptocurrencies.” Das has in …

Year Ender 2022: Government schemes launched this year
2 years ago

Year Ender 2022: Government schemes launched this year

Firstpost  

To impart world class quality education to the students in the county, the Budget 2022 announced a slew of measures from Digital Ecosystem for Skilling and Livelihood to expanding the One class One TV channel programme to 200 television channels In 2022, the Centre announced several schemes that could benefit the lives of its citizens. From trade settlement in rupees …

Can You Use Digital Rupee Without A Bank Account? Know How Digital Rupee Wallet Works
2 years ago

Can You Use Digital Rupee Without A Bank Account? Know How Digital Rupee Wallet Works

News 18  

India’s central bank digital currency, or digital rupee, has seen the light of the day and is currently in its trial mode to test the robustness of the entire process of its creation, distribution and retail usage in real-time. Now, as the digital rupee is a fungible legal tender issued by the RBI, do users need bank account to use …

Explained | Why has the Reserve Bank of India introduced an e-rupee?
2 years ago

Explained | Why has the Reserve Bank of India introduced an e-rupee?

The Hindu  

The story so far: The Reserve Bank of India this week launched the digital rupee on a pilot basis. The digital rupee, or the e-rupee, is a central bank digital currency issued by the RBI. The introduction of central bank digital currencies internationally has worried many who believe that it could disrupt the banking system. A rise in the use …

Experts Explain Benefits And Technological Challenges Of Digital Rupee
2 years ago

Experts Explain Benefits And Technological Challenges Of Digital Rupee

ABP News  

India’s first pilot project on retail digital rupee was rolled out by the Reserve Bank of India on Thursday in Mumbai, New Delhi, Bengaluru, and Bhubaneswar. The retail digital rupee project has started in a closed user group with the participation of four lenders – State Bank of India, ICICI Bank, YES Bank, and IDFC First Bank – as well …

RBI Rolls Out First Pilot Project For Retail Digital Rupee In 4 Cities
2 years ago

RBI Rolls Out First Pilot Project For Retail Digital Rupee In 4 Cities

ABP News  

The Reserve Bank of India on Thursday launched the first pilot project for retail digital rupee in Mumbai, New Delhi, Bengaluru, and Bhubaneswar. The retail digital rupee project has started in a closed user group with the participation of four lenders -- State Bank of India, ICICI Bank, Yes Bank and IDFC First Bank -- as well as customers and …

Digital rupee a 'game changer', says SBI Chairman Dinesh Khara
2 years ago

Digital rupee a 'game changer', says SBI Chairman Dinesh Khara

India TV News  

Digital rupee : SBI Chairman Dinesh Khara today said the Reserve Bank's first pilot project for retail digital rupee is a game changer with durable effects that should ensure better monetary transmission at much lesser costs. The pilot project for retail digital rupee, RBI's central bank digital currency started in Mumbai, New Delhi, Bengaluru and Bhubaneswar on Thursday and State …

How the RBI's digital currency can help economy
2 years ago

How the RBI's digital currency can help economy

Live Mint  

Readers of a certain age group might remember Ramon Bonus Stamps. What's driving FIIs’ bullish bets on Nifty IIT-K student hits record ₹4 cr placement jackpot Story takes a turn for PVR, Inox Leisure after a flop Q2 How young Indian couples budget for their weddings Imagine different currencies competing for dominance in usage without any sovereign backing. That is …

All you need to know about e-Rupee
2 years ago

All you need to know about e-Rupee

Deccan Chronicle  

HYDERABAD: The Reserve Bank of India has launched India’s e-rupee on Thursday, as a pilot covering four cities New Delhi, Mumbai, Bengaluru and Bhubaneswar and will subsequently expand it to nine more cities in the initial phase. Four banks – State Bank of India, Yes Bank, ICICI Bank and IDFC First Bank – will be involved initially in the launch …

RBI to launch Digital Rupee pilot in 4 cities today: Supported banks, and more details
2 years ago

RBI to launch Digital Rupee pilot in 4 cities today: Supported banks, and more details

India Today  

The first pilot of the Reserve Bank of India-issued digital Rupee will begin today, December 1. The central bank earlier this week announced that the digital currency will begin with four banks - State Bank of India, ICICI Bank, Yes Bank and IDFC First Bank in four cities across the country. In a release, RBI stated, "The pilot will test …

Time is right for a digital rupee
2 years ago

Time is right for a digital rupee

Hindustan Times  

Starting this month, the Reserve Bank of India will begin a pilot project that will put a digital rupee, or e ₹, in the hands of individuals. In simple terms, a CBDC is the closest virtual equivalent of cash with the liability for its value resting directly with the central bank, instead of — as is the case at present …

India to launch retail Digital Rupee on pilot basis: Which other countries have CBDC?
2 years ago

India to launch retail Digital Rupee on pilot basis: Which other countries have CBDC?

Firstpost  

On 1 December, India will join the list of countries that have introduced a Central Bank Digital Currency. Nigeria In October this year, the Central Bank of Nigeria marked one year since the launch of Africa’s first digital currency, the e-Naira. China’s central bank will expand the trials of its digital currency, the e-CNY, to four provinces, including Guangdong, Jiangsu, …

Digital Rupee coming on Dec 1, here is everything to know about it
2 years ago

Digital Rupee coming on Dec 1, here is everything to know about it

Live Mint  

The Reserve Bank of India on Tuesday announced a pilot for retail central bank digital currency on 1 December. A Central Bank Digital Currency or Digital Rupee is a digital form of currency notes issued by a central bank. The central bank also said that users will be able to transact with digital rupee through a digital wallet offered by …

RBI to launch retail digital rupee pilot on 1 December
2 years ago

RBI to launch retail digital rupee pilot on 1 December

Live Mint  

Mumbai: The Reserve Bank of India on Tuesday announced the launch of a pilot for retail digital rupee on 1 December with four banks in four cities, a month after testing the wholesale central bank digital currency. The pilot, RBI said in a press release, would cover select locations in a closed user group, comprising participating customers and merchants. While …

Digital Rupee: How Retail Customers Can Benefit From CBDC
2 years, 1 month ago

Digital Rupee: How Retail Customers Can Benefit From CBDC

ABP News  

The Reserve Bank of India in November announced its first pilot project of Digital Rupee for the retail segment. Even though the digital rupee would be virtual, just like cryptocurrencies, they are pretty different from each other and serve various purposes. As mentioned, the Digital Rupee is a pilot project in which nine central banks would be participating. After the …

How will digital rupee rollout impact physical currency?
2 years, 1 month ago

How will digital rupee rollout impact physical currency?

Firstpost  

The Reserve Bank of India has launched its pilot project on the Central Bank Digital Rupee starting, 1 November. Here’s what the experts told CNBC TV18 The Reserve Bank of India has launched its pilot project on the Central Bank Digital Rupee starting November 1. It is widely anticipated that the digital rupee ideated by RBI will be generated through …

Central Bank Digital Currency is going to be a major transformation in the way business is done: RBI Governor Shaktikanta Das
2 years, 1 month ago

Central Bank Digital Currency is going to be a major transformation in the way business is done: RBI Governor Shaktikanta Das

The Hindu  

Reserve Bank of India Governor Shaktikanta Das said Central Bank Digital Currency is going to be a major transformation in the way business is done — the way transactions are conducted and highlighted that RBI is among the very few central banks in the world which have taken this initiative. While addressing FIBAC on November 2, Governor Shaktikanta Das said, …

RBI Launches First Pilot of Digital Rupee; What is CBDC, How is it Different from Cryptocurrency?
2 years, 1 month ago

RBI Launches First Pilot of Digital Rupee; What is CBDC, How is it Different from Cryptocurrency?

News 18  

The Reserve Bank of India will roll out the digital rupee — the Central Bank Digital Currency — today. “…the first pilot in the Digital Rupee – Wholesale segment shall commence on November 1, 2022,” the RBI said in a statement on ‘Operationalisation of Central Bank Digital Currency-Wholesale Pilot’. It also announced that the first pilot in Digital Rupee – …

RBI to launch India’s first digital rupee project: What is a CBDC and how will it work?
2 years, 1 month ago

RBI to launch India’s first digital rupee project: What is a CBDC and how will it work?

Firstpost  

The Reserve Bank of India will roll out the digital rupee for the wholesale segment today as part of its pilot project. The digital rupee will give a big boost to the economy and positively change the banking scenario of the country After months of talks and rumours swirling, the Reserve Bank of India will roll out the digital rupee …

RBI Digital Rupee pilot for wholesale segment from November 1
2 years, 1 month ago

RBI Digital Rupee pilot for wholesale segment from November 1

The Hindu  

The first pilot in the Digital Rupee, Wholesale segment will commence on November 1, 2022, the Reserve Bank of India said in a circular. Settlement in central bank money would reduce transaction costs by pre- empting the need for settlement guarantee infrastructure or for collateral to mitigate settlement risk,” the circular said. The first pilot in Digital Rupee — Retail …

Digital Rupee: RBI To Begin First Pilot In Wholesale Segment on Tuesday
2 years, 1 month ago

Digital Rupee: RBI To Begin First Pilot In Wholesale Segment on Tuesday

News 18  

India’s First Central Bank Digital Currency: The Reserve Bank of India on Monday said the first pilot in the digital rupee– wholesale segment will commence on Tuesday. The announcement comes after the central bank earlier this month said that it will soon commence pilot launch of the digital rupee for specific use cases. The RBI also said, “The first pilot …

Explained: How RBI is using technology to operationalise e-rupee? 10 points
2 years, 2 months ago

Explained: How RBI is using technology to operationalise e-rupee? 10 points

Hindustan Times  

The Reserve bank of India on Friday came up with a concept note detailing plan of introducing its own digital currency - the Central Bank Digital Currency. RBI is planning to start the e-rupee project on a pilot basis The RBI in its 51-page concept note detailed various aspects including the technological measures to operationalise its electronic currency, its underlying …

India’s RBI to soon commence pilot project of digital rupee
2 years, 2 months ago

India’s RBI to soon commence pilot project of digital rupee

The Hindu  

The Reserve Bank of India will soon commence limited pilot launches of a central bank-backed digital rupee for specific use cases, it said in a concept paper released on Friday. The RBI has been exploring the pros and cons of a central bank digital currency for some time and is working towards a strategy to implement it in a phased …

RBI says e-rupee will bolster India's digital economy, pilot launch soon
2 years, 2 months ago

RBI says e-rupee will bolster India's digital economy, pilot launch soon

Hindustan Times  

The Reserve Bank of India on Friday released a concept note on its digital currency, stating that it will soon begin the pilot launch e-rupee for specific use cases. In a statement, the central bank said the purpose behind the issue of the concept note is to create an awareness about the central bank digital currency and the planned features …

RBI to soon launch e-rupee on pilot basis for limited use
2 years, 2 months ago

RBI to soon launch e-rupee on pilot basis for limited use

India TV News  

Digital money : The Reserve Bank on Friday said it will soon commence the pilot launch of the e-rupee for specific use cases as it tests digital currency in India. "As the extent and scope of such pilot launches expand, RBI will continue to communicate about the specific features and benefits of e-rupee, from time to time," the central bank …

CBDC: Nepal To Issue Its Own Digital Currency, Prepares Legal Changes
2 years, 4 months ago

CBDC: Nepal To Issue Its Own Digital Currency, Prepares Legal Changes

ABP News  

Nepal’s central bank, the Nepal Rastra Bank, is preparing to launch its own central bank digital currency soon. Following a study that noted that the introduction of a CBDC is indeed a feasible project, the NRB said it is ready with revisions to the Nepal Rastra Bank Act, 2002, that would allow it to issue a digital variant of its …

Digital Rupee: Why India Is Keen On Introducing A CBDC
2 years, 4 months ago

Digital Rupee: Why India Is Keen On Introducing A CBDC

ABP News  

Earlier this year, India announced plans to have its own central bank digital currency. The RBI has defined CBDC as a “legal tender issued by a central bank in a digital form. It will seem like any other digital payment service to users but since the CBDC will be a direct liability of the central bank, it would be more …

Phased implementation of digital currency for wholesale, retail segments in the works: RBI official
2 years, 5 months ago

Phased implementation of digital currency for wholesale, retail segments in the works: RBI official

The Hindu  

The Reserve Bank of India is in the process of implementing the Central Bank Digital Currency in a phased manner for wholesale and retail segments, an official said on Wednesday. The introduction of CBDC was announced in the Union Budget 2022-23, by Finance Minister Nirmala Sitharaman and necessary amendments to the relevant section of the RBI Act, 1934 have been …

Phased implementation of digital currency for wholesale, retail segments at works: RBI official
2 years, 5 months ago

Phased implementation of digital currency for wholesale, retail segments at works: RBI official

India Today  

The Reserve Bank of India is in the process of implementing the Central Bank Digital Currency in a phased manner for the wholesale and retail segments, an official said on Wednesday. The introduction of CBDC was announced in the Union Budget 2022-23, by Finance Minister Nirmala Sitharaman and necessary amendments to the relevant section of the RBI Act, 1934 has …

Classes with News18: Cash in Your Tokens, We Are Unearthing the Treasure Trove of Cryptocurrencies
2 years, 7 months ago

Classes with News18: Cash in Your Tokens, We Are Unearthing the Treasure Trove of Cryptocurrencies

News 18  

​ For the last two years, the world has been restricted to homes. In this chapter of Classes With News18, we will explain the upcoming era of digital currency that may replace the old system sooner than we expect. “A cashless society describes an economic state whereby financial transactions are not connected with money in the form of physical bank …

'We See Clear Advantages in a Central Bank Driven Digital Currency': Nirmala Sitharaman
2 years, 9 months ago

'We See Clear Advantages in a Central Bank Driven Digital Currency': Nirmala Sitharaman

News 18  

Union Finance Minister Nirmala Sitharaman on Tuesday said the 'Digital Rupee' is a conscious call taken in consultation with the Reserve Bank of India and the government sees clear advantages in a central bank driven digital currency. "It was a conscious call taken in consultation with the central bank- the Reserve Bank of India….we would like them to design it …

How a digital rupee could transform India
2 years, 10 months ago

How a digital rupee could transform India

Hindustan Times  

The story you often hear about the Industrial Revolution in 18th century England is one of technological transformation. In one variant, the central bank will become the sole deposit-taking institution, transforming itself into a citizens’ bank. The key design imperative in the beta variant is to prevent a competition for deposits between commercial banks and the central bank so that …

Sanjeev Ahluwalia | Will digital rupee take India higher, faster?
2 years, 10 months ago

Sanjeev Ahluwalia | Will digital rupee take India higher, faster?

Deccan Chronicle  

Expectations are sky-high that the “digital rupee” — a central bank digital currency announced by finance minister Nirmala Sitharaman in her Budget speech this year — will ensure a quantum jump to the digital economy, enhance GDP growth and boost financial inclusion. Transactions, within and between blocks, take place across multiple “nodes” — functionally akin to transaction termination points. A …

No difference between RBI digital rupee, normal rupee, says Shaktikanta Das
2 years, 10 months ago

No difference between RBI digital rupee, normal rupee, says Shaktikanta Das

India Today  

Reserve Bank of India Governor Shaktikanta Das on Thursday said the proposed digital rupee of the central bank would be launched in the year 2022-23. NO DIFFERENCE BETWEEN DIGITAL RUPEE AND NORMAL RUPEE Providing details, the RBI governor said that there would be no difference between the digital rupee and the normal rupee. In her Union Budget 2022-23 speech on …

Explained: RBI’s digital currency plans
2 years, 10 months ago

Explained: RBI’s digital currency plans

The Hindu  

The story so far: In the Budget presented for 2022-23, Finance Minister Nirmala Sitharaman had announced the introduction of India’s Central Bank Digital Currency and that the digital rupee would give a ‘big boost’ to digital economy. Central banks also believe that the cost of issuing digital currencies is far lower than the cost of printing and distributing physical cash. …

A lot of confusion lingers over RBI’s ‘digital rupee’
2 years, 10 months ago

A lot of confusion lingers over RBI’s ‘digital rupee’

Deccan Chronicle  

Of all the proposals that finance minister Nirmala Sitharaman presented in her speech as part of the Union Budget 2022-23, the announcement about the launch of digital rupee would have the potential to touch the lives of almost all Indians. The finance minister, in her speech, further clarified that the digital rupee or the Central Bank Digital Currency will be …

RBI is working on launching India's digital currency, says FM Nirmala Sitharaman
2 years, 10 months ago

RBI is working on launching India's digital currency, says FM Nirmala Sitharaman

India Today  

Finance Minister Nirmala Sitharaman on Monday said the Reserve Bank of India is working on launching India's own digital currency. DIGITAL CURRENCY "The form and shape of India's digital currency will largely depend upon the Reserve Bank of India. In her Budget 2022-23 speech on February 1, FM Sitharaman proposed the RBI would introduce digital currency in the next financial …

India's official digital currency likely to debut by early 2023, says top government source
2 years, 10 months ago

India's official digital currency likely to debut by early 2023, says top government source

Firstpost  

He said the digital currency issued by the RBI would be numbered in units, just like every fiat currency has an unique number New Delhi: India’s very own official digital currency is likely to debut by early 2023, which will mirror any of the currently available private company-operated electronic wallets, but with a change that it will be a sovereign-backed …

India's digital currency to debut by early 2023: Government source
2 years, 10 months ago

India's digital currency to debut by early 2023: Government source

India TV News  

India's very own official digital currency is likely to debut by early 2023, which will mirror any of the currently available private company-operated electronic wallets, but with a change that it will be a sovereign-backed facility, a top government source said. A top government source, who wished not to be identified said, the digital currency issued by the RBI would …

By Taxing Crypto Assets, India Has Taken First Step towards Regulating This Volatile Space
2 years, 10 months ago

By Taxing Crypto Assets, India Has Taken First Step towards Regulating This Volatile Space

News 18  

The unregulated space of cryptocurrency has been largely perceived as volatile, unsafe and susceptible to untimely changes. As part of Budget 2022 proposals, transfer of virtual digital assets shall now be liable to Income Tax at the highest marginal rate of 30 per cent plus applicable surcharges. Launch of Digital Currency The Budget proposals lay emphasis on India adopting an …

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