In recent years, there's been a big move towards digital money worldwide, with countries looking into making their own digital versions of regular money. India is part of this trend with its digital rupee. Let's hear from Pavitra Pradip Walvekar, who works with Kudos Finance and Investments Private Limited in Pune, as we explore what the digital rupee is all about.
The eRupee, or e₹, is basically a digital version of the Indian Rupee. It's like a token or a digital representation of our regular money. The Reserve Bank of India (RBI) introduced it as a Central Bank Digital Currency (CBDC), starting the idea back in January 2017. Finally, it became official on December 1, 2022.
Now, unlike Bitcoin and other cryptocurrencies, the digital rupee is different. It's called a central bank digital currency because it's issued and supported by India's central bank, the RBI. This setup means it keeps the stability and trust that we're used to with regular money.
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