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

  India is not prepared for electric automobiles, unfortunately. The absence of infrastructure for electric vehicles is the main problem. India's lack of a well-organized charging station infrastructure restricts travel. Power theft costs India more than $16 billion annually and is a very prevalent occurrence. The progress will be hampered if such a large amount of money is lost to electricity theft. Power outages will be detrimental because electricity will be used to power the entire system. Today, power outages occur in India's large cities as well as villages and other places. Compared to a fuel-powered vehicle, an electric vehicle's top speed is significantly lower.
1 comment
Read more

How to Increase Your Confidence and Self-Esteem Via the Magic of Positive Self-Talk

Do you ever catch yourself criticising yourself? Although self-doubt and negative self-talk are frequent, it's crucial to learn how to overcome them and increase your confidence. Speaking kind things to yourself is one of the most effective strategies to do this. Start by deliberately replacing negative ideas with positive affirmations whenever they appear. Say to yourself, for instance, "I am well-prepared and capable of presenting a great presentation" if you're feeling nervous before giving a presentation. By being grateful, you can increase your confidence further. Every day, take a moment to think about your accomplishments, relationships, and other good aspects of your life. Changing your perspective to one of enjoying the positives will help you stop concentrating on the bad. It's also crucial to set reasonable objectives and recognise your successes, no matter how minor they may seem. This might give you motivation to continue working towards your objectiv...
Post a Comment
Read more

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