Skip to main content

Indian Digital Rupee

 


On November 1, the Reserve Bank of India completed its first test of the central bank digital currency (CBDC), which is used for secondary market dealings in government securities (G-secs). A total of 48 deals for a combined Rs 275 crore were completed. The initial agreement was reportedly reached between the largest bank in the nation, State Bank of India (SBI), and another state-owned lender, Bank of Baroda (BoB). According to reports, SBI used CBDC to sell securities to BoB. Additionally, ICICI Bank sold IDFC First Bank the five-year government paper. Bank representatives called the pilot a "landmark event" and reported that the testing went without a hitch. Nine banks participated in the pilot test: SBI, BoB, Union Bank of India, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, YES Bank, IDFC First Bank, and HSBC.

Shaktikanta Das, governor of the Reserve Bank of India, confirmed the development and hailed the introduction of the national digital currency as a significant accomplishment. "We started the Central Bank Digital Currency (CBDC) research testing yesterday... In terms of how the entire economy operates, it will be a historic accomplishment. The governor stated that the Reserve Bank is one of the few central banks worldwide to have taken this action.

Difference between the digital rupee and cryptocurrency? 

A decentralized digital asset and medium of exchange based on blockchain technology is known as cryptocurrency. It has, however, mostly generated controversy because of its decentralized character, which refers to its operation without the use of any middlemen like banks, financial organizations, or central governments. The Government of India has instead released the Central Bank Digital Currency (CBDC) known as the Digital Rupee. FM described in detail how Central Bank Digital Currency would significantly strengthen India's digital economy in her budget speech. The Reserve Bank of India (RBI) has suggested changes to the Reserve Bank of India Act 1934 in order to launch Digital Rupee, allowing the RBI to introduce Central Bank Digital Currency (CBDC).

Therefore, despite being inspired by Bitcoin, the idea of Central Bank Digital Currency (CBDCs) differs from decentralized virtual currencies because they are not issued by the government and do not have the status of "legal cash."

Comments

Post a Comment

Popular posts from this blog

Makiivka: Russia blames missile attack on soldiers' mobile phone use

  Russia has said a new year missile attack that killed at least 89 Russian soldiers happened because troops were using mobile phones, defying a ban. Turning on the phones and massive use of them allowed the enemy to locate its target, officials said. Ukraine says 400 soldiers were killed - and another 300 wounded - in the attack on a college for conscripts in Makiivka, in the occupied Donetsk area. It is the largest number of deaths Russia has acknowledged in the war. Russia said that at 00:01 Moscow time on New Year's Day, six rockets were fired from a US-made Himars rocket system at a vocational college, two of which were shot down. Moments earlier President Vladimir Putin had given his annual new year address on Russian TV. The deputy commander of the regiment, Lt Col Bachurin, was among those killed, the ministry of defence said in a statement on Wednesday. A commission was investigating the circumstances of the incident, the statement said. But it was "already obvious...
Post a Comment
Read more

Top Tech Layoffs At Big Tech Companies In 2022

  The multinational tech titans are in full layoff mode! 182,605 people have been affected by 1138 waves of layoffs at tech companies worldwide so far this year, according to TrueUp's tech layoff tracker (October 2022). In response to recession fears, sluggish consumer spending, increasing interest rates, and the effects of inflation, nearly all major US IT businesses, including Meta, Amazon, Twitter, Google, and Microsoft, have frozen or are already slowing down recruiting. The industry has seen some of the biggest tech layoffs in history over the period of just a few months. Prior to that, several major global tech companies, including Microsoft, Apple, and Google, to name a few, declared a hiring freeze and slowdown for the remainder of 2022.
Post a Comment
Read more

Flood In india

 India has a long history of experiencing floods, with various regions being prone to annual monsoon flooding. Flooding in India can be attributed to a combination of factors such as heavy rainfall, inadequate drainage systems, deforestation, urbanization, and poor infrastructure in flood-prone areas. These factors often contribute to devastating consequences for the affected communities and the country as a whole. The monsoon season, which typically occurs from June to September, brings heavy rainfall across different parts of India. While the monsoons are vital for agricultural productivity, excessive or poorly distributed rainfall can lead to flash floods and riverine flooding. The states of Assam, Bihar, Uttar Pradesh, West Bengal, and Kerala are among the most flood-prone regions in the country. Floods in India have severe impacts on human lives, infrastructure, and the economy. Thousands of people are displaced each year, losing their homes, livelihoods, and even their lives....
Post a Comment
Read more