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Summary: Recently, the Reserve Bank of India (RBI) launched its own digital currency called the e-Rupee. Find out about its advantages, uses, and potential for accelerating financial inclusion in India in this article.
The Reserve Bank of India (RBI) launched the Central Bank Digital Currency pilot program on November 1, 2022, for the wholesale segment. A similar pilot project for retail users, or CBDC-R, was launched on Dec 1st, 2022, and is now available to the public in a limited manner.
The Central Bank Digital Currency is expected to bring about several benefits, including the potential to boost the Indian economy. Let's take a closer look at CBDC, its advantages, and the registration process to help you get started.
The digital rupee is the electronic incarnation of the Indian National Rupee, India's official currency. The central banks of 112 countries are currently developing digital avatars for their currencies, while 11 countries have already launched them.
The CBDC is a means of payment and settlement that allows the public to gain digital and direct access to liquid cash. Like paper money, digital currency or e-rupee remains a central bank liability, and the nation's fiat currency dictates its value.
CBDCs are developed in two distinct categories:
In terms of operational efficiency, CBDC will probably compete with cryptocurrencies, as a fast, digitised medium of exchange. However, unlike cryptocurrencies, digital currency is backed by a central bank, and is legal and reliable. As CBDC is an electronic form of physical cash, you cannot invest in it, and you won’t be able to earn interest on your e-rupee wallet amount.
As the government moves toward a cashless economy, digital currency, or e-rupee, is expected to accelerate its efforts. Additionally, it could prevent money laundering, terror funding, and tax evasion, which are difficult to combat in a cash-based economy. With digital currency, financial inclusion and transparency will be enhanced in the country by standardizing electronic payments.
As retail CBDC becomes more widely accepted, here are some of the advantages that may be gained by citizens:
Here are the things you must know before using digital currency:
If you are an IDFC FIRST Bank customer selected for the CBDC pilot project, the bank will send you an SMS on your registered mobile number or email to your registered email address, which will include a link to the e₹ (Digital Rupee) app.
Click on the link to download, and follow the step-by-step guide below to complete the sign-up/ registration process:
While the Indian public has been rather quick to adopt digital payments, it still has some way to go in the country. The introduction of CBDC could be the catalyst for a cashless economy, considering it offers safer, faster, and more streamlined transactions.
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirstbank.com for latest updates.