Digital rupees / Today RBI will launch pilot program of digital currency, transactions will be done in these 9 banks

Digital rupees: The way has been cleared to launch digital currency i.e. digital currency in the country. The Reserve Bank of India (RBI) has said that the first pilot project of Digital Rupee is going to start on 31 October (Tuesday). This digital rupee will be known as CBDC i.e. Central Bank Digital Currency. The Reserve Bank is going to launch a pilot of this digital currency. Initially it was revealed that the Reserve Bank would bring its own digital currency.

The Reserve Bank had already told this thing. Now the day has come when the country's first digital currency is going to be launched on 31 October. Right now it will be launched for the digital rupee wholesale segment.

These banks are involved in the pilot project

The news agency 'PTI', quoting the Reserve Bank, has written that in the pilot project, the settlement of secondary market transactions will be included in which government securities will be included. For the pilot project, 9 banks of the country – State Bank, Bank of Baroda, Union Bank of India, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Yes Bank, IDFC First Bank and HSBC Bank have been included for the pilot project.

Announced in this year's budget

In this year's budget, it was announced to launch Digital Currency i.e. CBDC. This was announced by Finance Minister Nirmala Sitharaman herself. After this, the Reserve Bank had said that the launch of the CBDC would be done in a phased manner and it would be announced soon. In this way, the way to bring it is now cleared. At present, this currency will come out in a pilot project, which can be later introduced to the common people as well.

stop all rumours

With the concept of a CBDC, there was speculation that the government would ban cryptocurrencies like bitcoin and replace it with its own digital currency. There is no official ban on cryptocurrencies yet, but the Reserve Bank has announced its CBDC. The Reserve Bank has clarified in the past that India's digital currency or digital currency cannot be compared with cryptocurrency.

Why CBDC is needed

The next era is of digital currency, on which work is going on fast all over the world. India is moving very fast in this direction, which has been praised openly by organizations like World Bank. Digital Rupee or Digital Currency will also be the next step in the same digital economy. Just as transactions take place in seconds from mobile wallet, in the same way, digital money will also work. This will reduce the hassle of cash, which will have a big positive effect on the entire economy.

It is important to know that Digital Rupee is definitely a digital currency, but cryptocurrency is not at all because the operation of Digital Rupee will be completely under the supervision of RBI. There is no central bank monitoring in cryptocurrencies.