Digital Rupee
India is stepping into the world of central bank digital currencies (CBDCs) with the launch of the Digital Rupee, or e₹. The e₹ is a digital token that represents the Indian rupee and is issued by the Reserve Bank of India (RBI). It is currently in the pilot phase and is being tested by a limited number of banks and merchants.
What is a CBDC?
A CBDC is a digital currency that is issued and regulated by a central bank. It is a legal tender, like physical cash, and can be used to make payments and settle transactions. CBDCs are different from cryptocurrencies, which are decentralized and not regulated by any central authority.
