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05 Mar, 2024 | Tuesday
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Digital Rupee Launched by RBI, What is Digtal Rupee and Why It is needed ? Lets Understand

CBDC is a digital form of currency notes issued by the central bank of a country. Most countries around the world are now launching CBDC according to each country's unique requirements.

Posted October 4, 2023

What is the digital rupee? The digital rupee would be in the form of a digital token that represents legal tender. "It would be issued in the same denominations that paper currency and coins are currently issued. It would be distributed through intermediaries ie banks," the RBI said while announcing the operationalisation of Central Bank Digital Currency (CBDC). CBDC is a digital form of currency notes issued by the central bank of a country. Most countries around the world are now launching CBDC according to each country's unique requirements. The Reserve Bank of India (RBI) on (November 29) announced the launch of the first pilot for retail digital rupee on December 01, 2022. The digital currency will be first launched in Mumbai, New Delhi, Bengaluru, and Bhubaneswar on December 1, and will later be expanded to nine more cities in the initial phase. This follows a month after the RBI started a pilot in the digital rupee in the wholesale segment on November 1.

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