A source, speaking on condition of anonymity, said the digital currency issued by the reserve bank will have specific digits like the Indian currency. it will not differ from ‘flat’ currency. this will be his digital form. in a way, one can say that it will be a digital wallet with government guarantees.
India is likely to get its official digital currency by early 2023. It will be similar to an electronic wallet currently available with a private company operating, but will be associated with a ‘government guarantee’. A top government source said. Finance Minister Nirmala Sitharaman, while presenting the Budget for the financial year 2022-23 last week, had said that soon the ‘digital rupee’ backed by the central bank (RBI) will be Digital Rupee) will be offered.
The source, on the condition of anonymity, said the digital currency issued by the reserve bank will have specific digits like the Indian currency. it will not differ from ‘flat’ currency. this will be his digital form. in a way, one can say that it will be a digital wallet with government guarantees. the units issued as digital currency will be included in the currency in circulation. the source said the central bank has indicated that the digital rupee will be ready by the end of the next financial year.
The digital rupee blockchain developed by the reserve bank will be able to detect all kinds of transactions. the mobile wallets of private companies do not have this system at the moment.
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Explaining this, the source said that people now transfer money to private companies using electronic wallets of private companies. this money remains with them and these companies pay on behalf of customers on a transaction to the merchants i.e. shopkeepers, etc.
At the same time, in the case of digital rupee, people will have digital currency in the phone and it will be with the central bank. it will be transferred from the central bank to a shopkeeper etc. this will be fully guaranteed by the government. Listen to the latest songs, only on JioSaavn.comhttps://www.jiosaavn.com/embed/playlist/6689255
The source said that when the money is transferred to a company’s e-wallet, the ‘credit’ risk of that company is also linked to the money. in addition, these companies also charge fees. the source said, “instead of carrying this wallet, i would like to keep the money in my phone.”
