e₹ : india's own digital currency releasing very soon

e₹ : india's own digital currency releasing very soon

       Reserve Bank of India released a concept note where they shared an insight about digital currency e₹.

       RBI said that it will soon start pilot launches of digital rupee for specific use cases, without providing a definite timeline.The RBI said this in a concept note on central bank digital currency (CBDC) aimed to create awareness about such currencies in general and the planned features of the Digital Rupee, in particular, according to a release. India's CBDC will be called 'e₹'.

CBDC is a currency that is --

• backed by the regulator,

• stored in a digital format and

• can be converted into paper currency.

India is aiming to launch its CBDC in this financial year that ends March 31, 2023.

Read here : Key Points about National Logistics Policy (NLP)

 

     According to the RBI, "CBDC, being a sovereign currency, holds unique advantages of central bank money, specially trust, safety, liquidity, settlement finality and integrity".

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