UNDERSTANDING RBI’S DIGITAL CURRENCY

Elite NFT
2 min readApr 18, 2023

Digital Currencies is the talk of the town these days…we have people all over the world getting more and more aware and informed about this topic. The RBI felt the fomo of not adopting crypto so they came up with this 🥲-

Firstly let us understand what is a Digital Currency. It is a form of currency that exists only in digital or electronic form and that can operate independently. Basically any means of payment that exists in a purely electronic form is a digital currency payment.

The Reserve Bank of India is set to launch the pilot of its central bank digital currency (CBDC), which it categorises as a legal tender but digitally. Gone are the days when we used to carry wallets lol😭😭😭🤌🏻🤌🏻 now just use your phone for UPI and Digital Rupee🤌🏻🤌🏻

The e-rupee or the digital rupee, CBDC issued by the RBI is aiming at creating an additional option to use money and the digital rupee is expected to be transacted digitally and make things easier for the user! So cool this is 😭😭🤌🏻🤌🏻🤌🏻

In other words, the digital rupee is the RBI’s accepted version of cryptocurrencies as the most important reason for launching a digital rupee by the RBI is to push India forward in the virtual currency race. And of course the FOMO of missing the cryptocurrency race globally 🥲🥲🥲.

This digital currency is backed by Blockchain Technology ofc and this will make sure that the digital rupee increases efficiently and transparently. Blockchain will also enable real time tracking and ledger maintenance too! What do you think about this take of RBI on Cryptocurrencies ? Will this be beneficial or yet another failed attempt at crypto 👀👀let me know in the comments below🤔

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