Digital Rupee or e-Rupee is a central bank digital currency (CBDC). It is the digital form of cash or paper money, which can be exchanged for any other government-issued currency. Digital Rupee or e-Rupee is not linked to cryptocurrency by any means and it is not based on Blockchain technology. The primary idea behind introducing digital Rupee is to move away from paper cash and also try to reduce the cost of managing and transporting paper money. The value of digital Rupee and paper money are the same and the digital Rupee’s value never change. For instance 1 digital Rupee is equal to Rs. 1 cash.
The central bank of India has started the pilot of digital Rupee in four cities including Mumbai, New Delhi, Bengaluru, and Bhubaneswar. For the initial testing, RBI partnered with four banks those are State Bank of India, ICICI Bank, Yes Bank, and IDFC First Bank.
The transaction in Digital Rupee can be between person to person (P2P) and person to merchant (P2M)
The Reserve Bank of India (RBI) stated that citizens could use Digital Rupee to buy goods and shop. It will be possible for users to exchange Digital Rupees through a digital wallet provided by the participating banks and kept on mobile phones or other electronic devices. The transaction in digital Rupee can happen between Person to Person and Person to Merchant. People can buy from their nearest stores by conducting online-like transactions using QR codes displayed at merchant shops. It will be possible for users to transfer Digital Rupee to friends and family members.
For now, the digital Rupee transfer process will be supported only by four partner banks those are State Bank of India, ICICI Bank, Yes Bank, and IDFC First Bank. Digital Rupee users will be able to store it just like they store money in Paytm wallet and able to use it for transactions whenever required.
Digital Rupee Vs. UPI
Digital Rupee and Unified Payments Interface (UPI) are two different concepts. Based on physical currency, UPI allows users to make only online transactions , where as the Digital Rupee is another form of currency that is similar to fiat currency and an individual can not take that out of their bank account.
Digital Rupee Vs. Cryptocurrency
Digital Rupee and Cryptocurrency may have similar features but in reality these two are different concepts. Digital Rupee or e-Rupee is not linked to cryptocurrency by any means and it is not based on Blockchain technology. Also, the cryptocurrency is volatile, and the value fluctuates as per the market but Digital Rupee value never change, it is always same the value of paper money.
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