Digital Rupee In India: What Is The Benefit Of Digital Rupee To Common People? How Safe Is Digital Currency?: In India’s digital journey.. digital rupee is going to bring many changes. Economic experts say that there are many benefits like easy business, trust in people, and trust in the payment system. This digital rupee is described as a future currency. What is the benefit for the common people? Actually.. How safe is digital currency? Is the digital rupee also like cryptocurrency?
Digital Rupee in India: Digital Rupee is going to bring many changes in India’s digital journey. Financial experts say that there are many benefits like easy business, trust in people, and trust in the payment systems. With this digital rupee, which is described as a future currency, what is the benefit for the common people? Actually.. How safe is digital currency? Is the digital rupee also like cryptocurrency?
The digital rupee can be said as a new innovation in the Indian economy. However.. it is not a cryptocurrency like bitcoin, doggy coin.. There is no possibility to mine digital rupees like cryptocurrencies. The distributed ledger technology used in cryptocurrency can also be used in the digital rupee. But RBI has not said for sure that they will use that technology. No one has control over cryptocurrencies like Bitcoin and Ethereum. But the digital rupee is controlled by RBI. However.. like cryptocurrencies, the digital rupee is also in use in virtual form. Each unit of CBDC has a unique identity. Each unit is traceable. Another important thing is that the digital rupee is programmable. There is also a time limit and flexibility to transfer. All transaction and balance information are recorded in blockchain form. The digital rupee has no geographical scope. Internationally accepted. It is easy to conduct financial transactions with digital rupees anywhere in the world.
And.. digital currency is legally valid. Person-to-person and person-to-merchant transactions can be done with the help of a digital rupee. However… UPI payments are also being done in the same way. And… What is the big difference between UPI payments and digital payments? Although the process is the same in these two methods, the point is different. There is a big difference between UPI payments and digital currency. We are making digital payments using apps like Phone-Pay and Google Pay. But the money in these wallets cannot be called digital currency. Because.. the money being transferred through UPI.. is in the form of physical currency in our bank accounts. We are transferring that money from our account to another account. Same.. when it comes to the digital rupee.. physical currency is not relevant. Using your paper currency. you need to buy a digital currency from banks. It stays in digital form in your account forever. Digital currency is fully official currency.
Digital Rupee in India: What is Digital Rupee? What is the need for the digital rupee?
All the information related to every transaction done with digital rupee is registered with RBI. UPI payments are handled by banks. But.. Digital Rupee is directly monitored by Reserve Bank. Banks are not involved in their transactions except for the distribution of digital currency. As with UPI payments, there is no need for a bank to carry out transactions through digital rupees. Also.. Indians working in other countries can send money to their people in our country with the help of the digital rupee at a low cost.
The World Economic Forum says that more than a hundred countries in the world are thinking of bringing digital currency. Currently, 10 countries including Nigeria and Jamaica have introduced digital currency. China will bring digital currency next year. 19 countries of the G20 group are making efforts in this direction. The European Central Bank says that there is no risk in a government-guaranteed digital currency. The European Union will soon introduce digital currency in 27 member states. And the US Federal Reserve is also thinking in this direction. They say that the digital currency they are going to bring will be the most secure.
RBI CBDC Digital Rupee: The first digital rupee in the country.. into circulation from today.
Economists say that transparency will increase with the digital rupee. It is expected that more efficiency and trust will increase in payment and administration. Payments through Digital Rupee are real-time. Government has access to all transactions. These can be checked if necessary. In the case of the digital rupee, there is no burden of expenses like printing, distribution, and handling of different notes. There are no cash transportation costs. The government can get access to the transactions that take place in all authorized networks. The digital rupee also helps in curbing fraud. With the digital rupee.. no need to keep cash in your pocket. There is no pressure to save money in bank accounts. Moreover. Cashless payments can be made. Financial experts say that common people benefit from such transactions. Financial experts say that if the digital rupee becomes fully available, dependence on cash will be reduced.