RBI unveils features of ‘Digital Rupee’

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Ziraat Times
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New Delhi, Oct 7: If all goes as per the plan, India will; soon have its own version of the Digital Rupee.

What it would look like

The Reserve Bank of India (RBI) broadly defines a central bank digital currency (CBDC) as the legal tender issued by a central bank in a digital form. CBDCs are aimed to complement, rather than replace, current forms of money. CBDCs are envisaged to provide an additional payment avenue to users, the note said.

“It (CBDC) is akin to sovereign paper currency but takes a different form, exchangeable at par with the existing currency, and shall be accepted as a medium of payment, legal tender, and a safe store of value,” as per a concept note released by RBI.

Would it be out soon?

The Reserve Bank of India (RBI) is exploring the possibility to launch its own digital currency or digital rupee (eRe) with minimal disruption to the financial system. It is working on a phased implementation of central bank digital currencies (CBDCs) through various stages of pilots, followed by the final launch.

“The RBI has also been exploring the pros and the cons of the introduction of CBDCs for some time, and is currently engaged in working towards a phased implementation strategy, going step by step through various stages of pilots, followed by the final launch, and simultaneously examining use cases for the issuance of its own CBDC (digital rupee or eRe), with minimal or no disruption to the financial system,” the RBI said in a concept note on CBDCs, released on Friday.

The concept note said that the eRe will provide an additional option to the currently available forms of money. It is substantially not different from banknotes, but being digital, it is likely to be “easier, faster, and cheaper”.

It also has all the transactional benefits of other forms of digital money.

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