RBI Digital Currency – In the Union Budget 2022, the central government had announced the launch of digital currency. This will be the Central Bank Digital Currency, through which take and give can be done. The Reserve Bank of India may launch RBI digital currency at the beginning of the new financial year.
Digital Rupee (CBDC) is being considered as an important decision for Digital Economy, it can prove to be a big step. With the launch of Digital Rupee officially, India will become the first country in the world to launch its own digital currency.
Many people do not know much about Digital Currency. In today’s post, we will know what is Central Bank Digital Currency (CBDC)? Why was there a need for digital currency? How safe is the digital rupee? And how will digital currency be beneficial for us?
What is Digital Rupee?
Digital Rupee is basically the digital form of regular physical currency that we use for daily transactions. The digital rupee is powered by blockchain technology which makes currency management cheaper, allowing governments to print fewer notes in the future. In this way, the cost of printing currency will be greatly reduced.
Digital erupee will be based on blockchain technology, due to which its transaction is very fast and it is also completely safe.
Who will launch Digital Rupee CBDC
Reserve Bank of India i.e. RBI is about to launch CBDC (Central Bank Digital Currency) in the new financial year. This new digital currency will be based on blockchain technology and will be in digital form. A digital platform will be required to store what you cannot keep in your pocket.
This erupee will work like normal currency. It can also be exchanged with physical notes. With this, all kinds of online and offline shopping can be done from this and it is completely safe. Which can be used anywhere in any way.
Will Digital Coin CBDC Be Better Than Other Digital Payments
According to the Reserve Bank of India, Digital Rupee will be better and very useful than other digital payments. Due to which the transaction can be made easier. When transactions are done from CBDC instead of bank from a UPI system, there will be no need for interbank settlement for transacting rupees.
Through this, payments can be done faster and at a lower cost. With digital currency, Indian importers will be able to pay foreign exporters with digital currency in real time without any middlemen. This way the government can save a lot of money.
FAQ – RBI Digital Currency
The Reserve Bank of India (RBI) will introduce a central bank digital currency (CBDC) as India’s official digital rupee in 2022-23, Finance Minister Nirmala Sitharaman announced in the Union Budget for 2022-23.
RBI to launch digital currency CBDC in new financial year
Conclusion – Indian Digital Currency
The World Bank estimates that at present, a fee of more than 7% is charged for transferring money to other countries. After the introduction of digital currency, this fee will come down and every country will benefit from it several lakh crores every year.
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In today’s article, you were told about RBI Digital Currency, how it can be used and what are its benefits. How did you like this article related to Indian digital currency, do tell us by commenting.
