Feb 3, 2022
Digital Rupee is a central bank digital currency to be launched in 2022-23.
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Central Bank Digital Currency (CBDC) will be a legal tender issued by the RBI.
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It's the same as currency, except that it is in digital form and not on paper.
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CBDC is not a private cryptocurrency like Bitcoin etc, which are not legal tender.
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You can exchange it for normal currency. Details on these things are awaited.
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CBDCs have some obvious advantages over other digital payments systems like UPI.
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Payments with CBDCs are final. Does away with the need for interbank settlement.
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They enable you to make real-time and cost-effective payments across countries.
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The FM said Digital Rupee will be launched by RBI in 2022-23 using blockchains.
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There are now 87 countries exploring CBDCs, only 9 have fully launched one.
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