E-rupee | The Official Cryptocurrency
E Rupee The Reserve Bank of India (RBI) announced plans to introduce the e-rupee, a Central Bank Digital Currency, (CBDC), in limited pilot launches. With the intent of implementing, it as an additional form of currency issued alongside paper money What is e-Rupee? The CBDC will operate on a "token-based" currency, according to which whoever is in possession of the token is assumed to be the owner of the CBDC. The introduction of the e-Rupee won't eliminate the paper money that we already use for transactions; it will hold the same value and be interchangeable with paper money. It must be recognized as a valid form of payment, legal tender, and a secure place to store money. What are the forms of CBDC? The central bank is proposing the introduction of two CBDCs: a general-purpose or retail version (named CBDC-R) and a wholesale version (designated CDBC-W). Retail CBDC is primarily meant for retail transactions. It will be potentially available for use by all private sect...