Reserve Bank of India has begun the Pilot Project of Digital Currency by the name of e-Rupee from 01st December 2022 i.e 2 days ago.
A huge campaign has begun from RBI to promote the e-Rupee and its transaction system in india. RBI has launched the first digital currency pilot project on 01 Dec, 2022. The Goverment has already announced about digital currency and launching plans and now all the Plans are operational from 01st Dec and promoting it across the country.
Digital Currency also got the Name of CBDC
Reserve Bank of India h
There are mainly 5 differences between e-Rupee & UPI
1. No need to have a bank account
Experts pointed out that to carry out payments through UPI, individuals need to have a bank Account and often a functioning debit card, but for accessing the e-Rupi wallet, there will be no need to have such a bank account. “With a retail CBDC, people should be able to transact without any bank involved (like physical cash) and it’s a digital transfer from people to people direct minus a bank intermediary. It will have the same denominations as physical cash,” said Vishwas Patel, Executive Director, Infibeam Avenues Ltd, which owns CCAvenue, a payment gateway brand.