RBI to launch India’s first digital rupee project: What is a CBDC and how will it work?
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 — the Central Bank Digital Currency — today. CBDC explained The RBI explains CBDC as legal tender issued by a central bank in a digital form. Explaining the difference between a digital rupee and using a mobile wallet, a government source was quoted as saying, “In the case of a digital rupee instead of holding a note you will be holding a digital currency in your phone and it would be with the central bank and from there it would be transferred to any merchant.
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