Digital Rupees: Finance Minister Nirmala Sitharaman presented the Union Budget 2022 today, February 1.
Where she also announced Digital Rupees. He informed that Reserve Bank of India (RBI) will launch Central Bank Digital Currency (CBDC) in 2022-23.
Which will be the digital form of Indian currency.
Sitharaman said that the currency would be launched using “blockchain and other technologies”.
Cryptocurrencies like Bitcoin and Ether also work on blockchain. Let us know what is Digital Rupee or CBDC and how this currency will work.
What is Digital Rupees?
Digital Rupee will be the legal tender that will be offered by the Central Bank (RBI). It will be a fiat currency like the dollar, pound, or Indian rupee, but it will look different.
It will be similar in value to the rupee only, it will be digitally present in place of coins or notes.
In other words, Digital Rupee is similar to the legal currency used in the country, it is just in digital form.
How to buy it?
The Reserve Bank of India will shortly disclose specifics to buyers on how and when to purchase the Digital Rupee, as the central bank plans to launch it this year.
It’s reasonable to expect that purchasing the Digital Rupee will be similar to purchasing Bitcoin or other cryptocurrencies.
How different is CBDC from cryptocurrency?
RBI will introduce Digital Rupee or CBDC by 2022-23, which will be created using blockchain and other technologies.
The government has not yet commented on these other technologies but according to the information received so far.
CBDC does not fit into the current definition of cryptocurrency.
CBDC or Digital Rupee is the digital form of legal tender which will be under the control of Central Bank.
Cryptocurrency, on the other hand, is a digital asset, linked to a project created by a developer, not under the control of a central bank.
Cryptocurrencies are not regulated by any government entity and their value depends on their demand.
There are also stable coins in the crypto market – these are the tokens on the blockchain, the price of which is tied to the fiat currency.
The Tether (USDT), for example, is a stable coin, set to the value of the dollar. But like Fiat currency, it is not under the control of the central bank.
In the days to come, we will be able to find more clarity about the differences or similarities between Digital Rupee and Cryptocurrency.
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