Digital currency, launch of CBDC( Central bank Digital currency)

 Digital currency, launch of CBDC( Central bank Digital currency)

Rupee now in Digital form, in stock market it is called cash is king, the same rupee which is available in physical form, which you can touch, can keep in your pocket or valet, can hide in your house or in bank locker, now this rupee note need not too be kept in the valet but will be available in digital form, you can transfer or receive the rupees in digital form, this will give boost to digital economy. 

For this the following banks have been identified :--

.......*SBI, HDFC BANK, ICICI BANK, YES BANK, IDFC FIRST BANK, UNION BANK, HSBC, KOTAK M BANK. BANK OF BARODA.*

RBI has launched this today and this will be Legal. It’s not a crypto currency; the value of one rupee will remain same as one rupee.

Now your money need not to be in your pocket but will be available in your mobile. This will help RBI to reduce the printing of currency notes, as per RBI every year 4500 crore of Rs. are spent on printing notes.

Initially RBI is introducing whole sale digital currency where bank to bank, financial institutions and high net transactions will take place, in later stage retail digital currency will be introduced where you and I will be able to transect for our convenience. There will be no requirements of cheques, drafts and physical form of currency notes. This will also help to avoid false currency roaming in the market and transparency of transections will be there, in this system everything will be white no black money transections.

e-rupee is different than digital transections, digital transections which we are doing now a days through various apps are different than e-rupee transections through mobile.

UPI alone processed over 7 billion transections in the month of October whose value was worth Rs. 12. 11 trillion. This is the power of digitalization.

So far 10 countries have launched digital currency and 14 countries are ready to introduce this system including China.

Retail digital currency is awaited, hopefully RBI will try to make it fast for us, till then wish you all the best.