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Digital Rupee: RBI will launch Digital Rupee today. The Reserve Bank of India will first launch this digital rupee as a pilot project in the wholesale segment. It is being said that the Reserve Bank can launch the digital currency of the retail segment next month. The Digital Rupee of the retail segment will be offered at select locations and for close group customers and merchants. In the budget presented this year, Finance Minister Nirmala Sitharaman had mentioned digital currency for the first time. The Finance Minister had said, “Digital Rupee will be rolled out in this financial year.”
The Reserve Bank of India had introduced a concept note on CBDC (Central Bank Digital Currency) on 7 October, in which the digital rupee was mentioned soon. However, only the pilot is being launched right now, which will be rolled out to select people. This pilot use case of Reserve Bank of India will create awareness among the users about Digital Rupee, so that they do not face any problem in using such currency in future.
RBI statement
RBI issued a statement on October 31, 2022 saying, “First Pilot (Wholesale Segment) Use Case GThey are being brought in for settlement of secondary market transactions in the form of Varnament Securities. Its use can be effective for the inter-bank market. Digital Rupee can be used in future on this pilot basis for wholesale transactions, cross-border payments etc.
Can convert to cash
According to RBI, CBDC (Digital Rupee) will be a medium of payment, which will be issued as a legal tender to all citizens, business, government and others. Its value will be equal to the legal tender note (current currency) of the safe store. Users will be able to easily convert it into bank money and cash.
Reserve Bank of India Deputy Governor T Rabi Shankar had said that this digital currency will make a great place in the market by eliminating other virtual currencies such as Bitcoin. Let us tell you, the central bank has been opposing crypto and virtual currency like Bitcoin since the beginning.
Advantages of CBDC (Digital Rupee)
RBI has divided digital currency into two categories – CBDC-W and CBDC-R. CBDC-W can be used as a wholesale currency, while CBDC-R can be used as a retail currency. All private, non-financial consumers and businesses will be able to use it. According to RBI, India’s digital economy will increase due to digital currency.
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