How many types of digital currency, how can they be used? Know everything important about it


RBI Digital Currency: The Reserve Bank of India (RBI) is introducing the Digital Rupee (e₹-R) from December 1. Some selected cities have been selected for the first pilot project of RBI Digital Currency. After its success, it will be introduced for other cities. The first pilot project can be bought from only a few banks. In such a situation, the question must be arising in your mind that how can RBI’s Digital Rupee be used, from where it can be bought and how will it work? So let’s know everything about Digital Rupee…

In a notification issued by the Reserve Bank of India on November 29, it was said that the digital rupee will be launched for retail, which means that common people can use it. RBI’s digital rupee can be used both person to person and person to merchant.

how can use
Digital currency or Digital Rupee will be in the form of a token. This digital rupee will be similar to the price of paper notes and coins being used at present. It will be issued by the banks. The banks which will be given digital rupee by RBI can do digital rupee transactions with the help of mobile wallet offered by those banks. Also, you can use it by scanning the QR code. Transaction can be both person to person and person to merchant.

will not get any interest
No interest of any kind will be paid on the digital currency and it can be easily deposited in your bank account, which will be at par with other Indian rupees. RBI will implement it in the whole country with further changes only after learning from the first pilot project.

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banks issuing digital rupees
Under the first project, four banks in four cities will be started with State Bank of India, ICICI Bank, Yes Bank and IDFC First Bank. After this it will be introduced for Bank of Baroda, Union Bank of India, HDFC Bank and Kotak Mahindra Bank.

How many types of digital currency will there be?
RBI has divided digital currency into two parts. The first will be used for retail use under CBDC-R, which can be used by anyone from the common citizen. Whereas, CBDC-W will be used for wholesale.

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RBI Digital Rupees: Will RBI’s Digital Rupee replace UPI, Paytm and Google Pay? understand how it will work


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