E-Rupee, India’s Digital Currency
The e-Rupee, launched by the Reserve Bank of India on December 1, 2022, is a digital equivalent of the traditional rupee, functioning as legal tender for financial transactions. It includes two types: Retail CBDCs for public use via digital wallets and Wholesale CBDCs for interbank transactions. Issued by the RBI and distributed by commercial banks, e-Rupees can be acquired through digital wallets and used for transactions via QR codes and UPI gateways. Benefits include financial inclusion, transaction efficiency, and enhanced security through blockchain. However, usage has declined from 1 million daily transactions in December 2023 to 100,000, due to limited demand and reduced promotional efforts.
Related Posts
If you like this post, please share your feedback in the comments section below so that we will upload more posts like this.
Responses