RBI Digital Rupee: Country’s First Digital Currency launch on November 1, Know RBI’s New Plan

RBI Digital Rupee

New coins launched in India

RBI Digital Rupee: The country’s first digital currency (Digital Indian Currency) is coming. RBI is launching this digital currency on November 1. The name of the currency will be known on Tuesday.

The country’s first digital currency is starting as a pilot project, There will be a difference between digital payments and digital rupees, No need to open a separate bank account for digital currency

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RBI Digital Rupee:

Digital currency is being launched for wholesale transactions in the country. Reserve Bank of India (RBI) is Launching This Currency From November 1. But for the time being, the Country’s First Digital Currency Is Starting As A Pilot Project. A total of 9 Banks Will Work In This Project. They are State Bank of India (SBI), Bank of Baroda (BoB), Union Bank, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, IDFC First Bank and HSBC Bank.

While the digital currency is initially Launched For Wholesale Transactions, Experts Expect That It Will Soon Be Launched For The Retail Market as well. But even in that case it will be Launched As A Pilot Project. This may Take A Month Or More. This digital Currency Will Mainly Be Used For Government Securities Settlement. That Is, It Will be Used For Settlement Of Purchase And Sale Of Government Bonds.

Other Digital Currencies Vs Digital Rupee

As a matter of fact, as investments in Cryptocurrencies Have Been Increasing, The Center Has Reined In Crypto. A High Rate Of Duty Is Imposed. Soon after RBI announced The Introduction Of Digital Currency. The Central Bank Is Said To Be Drawing Up A Blueprint To Introduce A Digital Rupee. Reserve Bank has validated the Digital Rupee. There Is No Such Thing as The Rise And Fall Of Prices In The Case of Digital Rupees. All features of Physical Notes Will Be Present In Digital Currency As Well, RBI said. As Per Reports, There Is No Need To open a Separate Bank Account For Digital Currency.

It is Understood That After The First Launch It Will Be Used By Large Financial Institutions Including Banks, Large Non-banking Finance Companies And Other Large Transactional Institutions. When this digital currency Comes To The Retail Market, Common People Will Be Able To Use It For Day-to-Day Transactions. Initially, People of all Ages Will Be Tested In The Pilot Project. Later Some Changes May Be Made Based On Their Feedback.

What is The Difference With Digital Payments?

There will be a difference between Digital Payments And Digital Rupees. By RBI this Rs. In Digital Rupee, there is no Responsibility Of The Bank, The Responsibility Is Directly with the RBI. Also, Digital Rupees Will Not Carry Any Kind Of Interest.

Which Bank Will Introduce A Digital Rupee in India

State Bank of India (SBI), Bank of Baroda (BoB), Union Bank, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, IDFC First Bank and HSBC Bank

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