Retail digital currency started in India, crores of transactions happened on the first day itself, know how “e-rupee” will be used

digital currencyFor the first time, a digital currency has been successfully piloted in India. After which retail digital rupee was also launched in 4 cities of the country. Delhi, Mumbai, Bangalore and Bhubaneswar are included in this list. According to the report, there was a demand of about Rs 1.71 crore digital rupee from select banks present in these cities, after which the Reserve Bank of India issued the e-rupee.

According to some officials, with the increasing needs, the amount of e-rupee may also increase. Let us tell you that on November 1, RBI launched India’s first digital rupee for wholesale use. A month later, the Central Bank has also started testing the retail e-rupee. At present, several digital platforms including cryptocurrencies and UPI are also available in the country. Because of which many people are also getting confused regarding the use of e-rupee.

use of e-rupee

Actually, E-Rupee will be based on a digital token, which will be issued only by RBI. Its value will be the same as that of common notes. Like the central bank note, it can also be issued in the form of other denominations including 500, 200, 50, 100 and 2000.

Now talking about the difference between UPI and E-Rupee, users need paper notes in their bank accounts to use UPI. But this will not happen in this system. The entire process of digital currency will work on the blockchain, which will give security to the users. You can get e-rupees directly in your e-wallet. It can also be used person to person and person to merchant.

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