Seetharaman K C
Quick Summary
Up until now, the digital world has not affected the banking business in India but with the Reserve Bank getting ready for the digitisation of the Rupee, this move could perhaps be history in the making where such a bold move has been put forth by the Honourable Finance Minister on 1st Feb 2022. Thi
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FAQ :
The Honourable Finance Minister announced in Budget 2022 that the Reserve Bank of India is preparing to issue a digitised version of the Indian Rupee.
This move could be a response to the increasing threat posed by cryptocurrencies and aligns with global trends in central bank digital currencies (CBDCs).
A CBDC is a form of cash envisioned as the future of currency, where digital units are held in a digital wallet and transferred electronically, potentially eliminating the need for physical money.
Besides India and China, countries like Sweden, Singapore, South Korea, and the US are also testing or designing CBDC prototypes.
The technology underlying CBDCs is Blockchain, which is also the technology that enables cryptocurrencies like Bitcoin and Dogecoin.
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