Now there is no need to carry notes in the pocket. We are saying this because digital currency i.e. virtual currency Digital Rupee has started. Digital Rupee has started from 1st November 2022. let’s know how digital currency will work.
What is the digital rupee?
First of all, know that this digital currency will work exactly like cash, but its transaction will be easier and safer than cash. Just like you see your bank balance or any wallet balance in digital form. Just in the same way you can operate and maintain Digital Rupee.
Digitally will be launched in two ways. There will be a transaction of a large amount, which will be named Central Bank Digital Currency Home sells. It will be used by big financial institutions like banks, big non-banking, finance companies, and other big transaction institutions. Apart from this, the Central Bank will also bring digital currency retail for retail. People will be able to use it for everyday transactions.
What will be the benefits of digital form?
Digital Rupee will be a legal tender like paper currency. You will be able to pay digitally to whomever you want to pay and the money will be transferred to his account. We also tell you, people, what is the specialty of digital form. The Central Bank Digital Currency will be the digital token of the country. The work of transaction of money in business will now be done easily. There will be no hassle of transactions from a check bank account.
You will be able to transfer money from your mobile in a few seconds. Get rid of the problem of fake currency. The cost of printing paper notes will be saved. The digital currency will always be there after it is issued. Central Bank Digital Currency i.e. Digital Rupee can never be damaged.
What is special about digital currency?
There is another special feature of Digital Mumbai. Digital Rupee will also be linked to Digital Payment System (UPI). With this people will be able to transact comfortably with other wallets like Paytm PhonePe. Let us tell you that at present, Duster Rupee will start as a pilot project. For the pilot project, nine banks of the country, out of which SBI, Bank of Baroda, Union Bank of India, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Yes Bank, IDFC Force Bank, and HSBC Bank have been included.
In the same year, the announcement of the launch of digital currency i.e. CBDC was made by the government in the budget. This was announced by Finance Minister Nirmala Sitharaman herself during the budget. After this, the Reserve Bank started the work of launching CBDC in a phased manner and today it has been started, but as a pilot project.
