{"id":4758,"date":"2022-11-24T16:57:14","date_gmt":"2022-11-24T11:27:14","guid":{"rendered":"https:\/\/coursementor.com\/blog\/?p=4758"},"modified":"2023-05-20T09:25:22","modified_gmt":"2023-05-20T03:55:22","slug":"digital-rupee","status":"publish","type":"post","link":"https:\/\/coursementor.com\/blog\/digital-rupee\/","title":{"rendered":"Digital Rupee: The Digital Currency In India"},"content":{"rendered":"\n<p>Digital Rupee is a currency that you can not touch but can use just like a simple currency.<\/p>\n\n\n\n<p>Digital currency in India, also known as the digital rupee (e\u20b9), is a digital note issued by the Reserve Bank of India.&nbsp;<\/p>\n\n\n\n<p>The other name of this is Central Bank Digital Currency (CBDC).&nbsp;<\/p>\n\n\n\n<p>The idea of digital currency was proposed in January 2017 and launched in November 2022.<\/p>\n\n\n\n<p>The RBI has announced the digital rupee launching in a press release. The release number for the announcement by the RBI was <strong>2022-2023\/1118<\/strong>.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"778\" src=\"https:\/\/coursementor.com\/blog\/wp-content\/uploads\/2022\/11\/RBI-press-release-1.webp\" alt=\"\" class=\"wp-image-5642\" srcset=\"https:\/\/coursementor.com\/blog\/wp-content\/uploads\/2022\/11\/RBI-press-release-1.webp 1024w, https:\/\/coursementor.com\/blog\/wp-content\/uploads\/2022\/11\/RBI-press-release-1-300x228.webp 300w, https:\/\/coursementor.com\/blog\/wp-content\/uploads\/2022\/11\/RBI-press-release-1-768x584.webp 768w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/coursementor.com\/blog\/digital-rupee\/#what-is-a-digital-rupee\" >What is a digital rupee?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/coursementor.com\/blog\/digital-rupee\/#digital-rupee-wholesale\" >Digital rupee wholesale<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/coursementor.com\/blog\/digital-rupee\/#digital-rupee-retail\" >Digital rupee retail<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/coursementor.com\/blog\/digital-rupee\/#how-digital-rupee-is-different-from-cryptocurrency\" >How digital rupee is different from cryptocurrency<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/coursementor.com\/blog\/digital-rupee\/#banks-selected-for-digital-rupee\" >Banks Selected For Digital Rupee<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/coursementor.com\/blog\/digital-rupee\/#benefits-of-digital-rupee\" >Benefits Of Digital Rupee<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"what-is-a-digital-rupee\"><\/span>What is a digital rupee?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>This is unlike any other cryptocurrency because it will have the same value as note currency. For example, 1 digital rupee currency is equal to 1 rupee.&nbsp;<\/p>\n\n\n\n<p>Now people do not have to worry about keeping cash. They can keep their money in the form of digital currency that they can keep on their mobile.<\/p>\n\n\n\n<p>This year while giving the budget, India\u2019s finance minister Nirmala Sitharaman, said that they will launch the digital currency in 2022-2023.&nbsp;<\/p>\n\n\n\n<p>And they have kept their promise by giving the gift of digital currency to the public.<\/p>\n\n\n\n<p>The government had decided to launch digital currency to decrease the cost of printing the notes for the transaction.<\/p>\n\n\n\n<p>There are mainly two types of digital currency that RBI will launch.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Digital rupee wholesale<\/li>\n\n\n\n<li>Digital rupee retail<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"digital-rupee-wholesale\"><\/span>Digital rupee wholesale<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The banks will use this currency for government securities and their in-between transaction (which means transferring money from one bank to other).<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"digital-rupee-retail\"><\/span>Digital rupee retail<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>This will be launched for the general public to do their transactions.<\/p>\n\n\n\n<p><strong>At present, the pilot project for the digital rupee is launched as a project for Digital rupee wholesale. Soon it will be available for the public to use.<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"how-digital-rupee-is-different-from-cryptocurrency\"><\/span>How digital rupee is different from cryptocurrency<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>There are some differences between the digital rupee and cryptocurrency that we will discuss below.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Firstly, the digital rupee is officially issued by RBI, so it is legal compared to cryptocurrency. There is no banker for cryptocurrency, whereas the digital rupee has RBI as a banker, which launched it.<\/li>\n\n\n\n<li>Secondly, the digital rupee has the same value as the note rupee currency, whereas cryptocurrency does not have that.<\/li>\n\n\n\n<li>You can interchange the digital currency and the rupee at any time by going to the bank, which is not available in the case of cryptocurrency.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"banks-selected-for-digital-rupee\"><\/span>Banks Selected For Digital Rupee<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>State Bank Of India (SBI)<\/li>\n\n\n\n<li>ICICI<\/li>\n\n\n\n<li>Kotak Mahindra<\/li>\n\n\n\n<li>Bank Of Baroda (BOB)<\/li>\n\n\n\n<li>Yes Bank<\/li>\n\n\n\n<li>Union Bank Of India<\/li>\n\n\n\n<li>IDFC First Bank<\/li>\n\n\n\n<li>HSBC<\/li>\n\n\n\n<li>HDFC Bank<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"benefits-of-digital-rupee\"><\/span>Benefits Of Digital Rupee<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>There are a few benefits of digital currency, which we will discuss below.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The first benefit of the <a href=\"https:\/\/en.wikipedia.org\/wiki\/Digital_Rupee\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">digital rupee<\/a> is that if you do not have a bank account, you can still use the digital rupee.<\/li>\n\n\n\n<li>You can change the digital rupee into note currency by visiting the bank.<\/li>\n\n\n\n<li>You will be able to use it even without an internet connection in the future.<\/li>\n\n\n\n<li>It is a legal currency issued by the <a href=\"https:\/\/rbi.org.in\/Scripts\/PublicationReportDetails.aspx?UrlPage=&amp;ID=1218\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Reserve Bank of India<\/a>, just like the note currency.<\/li>\n\n\n\n<li>The government will save money that they spend on printing notes every year. Every year approximately 4500 crore rupees are spent on printing notes.<\/li>\n\n\n\n<li>The fake currency will be demolished soon by using the digital rupee.<\/li>\n\n\n\n<li>The currency will last long, as note currency has a life span of 2 to 10 years. But the digital rupee will last long without any damage.<\/li>\n<\/ul>\n\n\n\n<p>Visit <a href=\"https:\/\/coursementor.com\/blog\/\" target=\"_blank\" rel=\"noreferrer noopener\">Course Mentor<\/a> for more interesting content.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Digital Rupee is a currency that you can not touch but can use just like a simple currency. Digital currency in India, also known as the digital rupee (e\u20b9), is a digital note issued by the Reserve Bank of India.&nbsp; The other name of this is Central Bank Digital Currency (CBDC).&nbsp; The idea of digital [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":4760,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-4758","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/coursementor.com\/blog\/wp-json\/wp\/v2\/posts\/4758","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coursementor.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coursementor.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coursementor.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/coursementor.com\/blog\/wp-json\/wp\/v2\/comments?post=4758"}],"version-history":[{"count":0,"href":"https:\/\/coursementor.com\/blog\/wp-json\/wp\/v2\/posts\/4758\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coursementor.com\/blog\/wp-json\/wp\/v2\/media\/4760"}],"wp:attachment":[{"href":"https:\/\/coursementor.com\/blog\/wp-json\/wp\/v2\/media?parent=4758"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coursementor.com\/blog\/wp-json\/wp\/v2\/categories?post=4758"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coursementor.com\/blog\/wp-json\/wp\/v2\/tags?post=4758"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}