The Digital India Will Soon Get The Digital Rupee
~Preet The writer and the publisher have no rights to this image. This image has been taken from, Digital-Rupee-–-Its-Understanding.jpeg The Reserve Bank of India (RBI) will shortly launch restricted pilots of the e-rupee, also known as Central Bank Digital Currency (CBDC) or digital rupee, for specified use cases. It has hinted at two major categories for the usage of e-rupee for various transactions — retail and wholesale. The CBDC is defined by the RBI as a digital representation of currency notes issued by a central bank. It is a sovereign or completely autonomous currency issued by the country's central bank (in this case, the RBI) in line with monetary policy. CBDC will be recognised as a means of payment and legal tender by all three parties - individuals, government agencies, and businesses - once it is formally issued. Because it is government-backed, it may be readily exchanged for money or notes from any commercial bank. The RBI is not enthusiastic about the e-rupee.