RBI (Digital Currency or e-Rupee) - Central Bank Digital Currency (CBDC) for India
The Reserve Bank of India has issued a Concept Note on India's Central Bank Digital Currency (CBDC) Central Bank Digital Currency (CBDC) is a digital representation of a central bank's currency notes. While most central banks throughout the world are considering issuing CBDC, the main reasons for doing so are unique to each country's needs. This Concept Note describes the goals, options, benefits, and hazards of issuing a CBDC in India, also known as e-CBDC (digital Rupee). The e-rupee will be an alternative to the currently existing kinds of money. It is quite similar to banknotes, but because it is digital, it is likely to be easier, faster, and less expensive. It also has all of the transactional advantages of other types of digital currency. The goal of issuing this Concept Note is to raise awareness about CBDCs in general, and specifically about the proposed features of the Digital Rupee (e). It describes the goals, options, advantages, and hazards of granting a CBDC i...