India to Launch it’s First Pilot for Retail Digital Rupee
The craze of digital currency is at its all-time high in the last few years. And, many individuals have already adapted to this digital transformation. So, where are you at? Still, having second thoughts? Well, let us make that decision easier for you!
The Reserve Bank of India (RBI) is expected to launch its first pilot for retail Central Bank Digital Currency (CBDC) for interbank payments and has already collaborated with the Monetary Authority of Singapore. India plans to launch a pilot for retail Central Bank Digital Currency (CBDC) for interbank payments and has already collaborated with the Monetary Authority of Singapore. And, we’re going to know all about it, in this Adesh Chaurasia latest news.
What is CBDC?
CBDC is a digital cash that can be used for making payments and transfers. It works like your regular bank account, but it doesn’t involve any physical money or currency. You can send money to someone easily by using this system, so it’s like taking out an e-wallet instead of physically carrying around cash in your wallet or purse.
The main difference between cryptocurrency and this new technology lies in how it works: while cryptocurrencies are decentralized (meaning there’s no central authority), CBDC involves a central bank acting as an intermediary between users on either side of an exchange transaction.
How does this helps India?
Well, because India has recently announced plans to launch its first pilot for retail digital rupee (the country’s official currency) within three months — which means that we’d love nothing more than to have access to our own version of Bitcoin! That said though…
The Reserve Bank of India and Singapore’s central bank launched the pilot on a blockchain platform developed by a joint venture between Temasek, the investment arm of the Singapore Government, and the US-based ConsenSys.
The Reserve Bank of India and Singapore’s central bank launched the pilot on a blockchain platform developed by a joint venture between Temasek, the investment arm of the Singapore Government, and the US-based ConsenSys.
The project is called Rupee-Billetto and it will be used for ticket sales in India to promote tourism as well as other services that can be bought with rupees. It’s also meant to help businesses accept payments in digital currency when they don’t have access to traditional banking services or do not want to deal with banks at all.
India will have a Pilot for CBDC
You may wonder why RBI is not keen on Bitcoin or any other cryptocurrency. Well, they have their reasons. They believe that there will be risks involved with a digital rupee and the country needs to protect itself from such risks.
According to information circulating in the market, RBI is likely to go with a digital rupee and not have any association with Bitcoin or any other cryptocurrency as there will be risks involved with that.
RBI is worried about the risks involved with cryptocurrencies. They have also expressed their concerns about money being sent through WhatsApp or Viber messages which could lead to issues at banks if they wanted to track it down. The data shows that there was exponential growth in the run-up to 2014 and then again in 2018–19. The RBI data also shows that Bitcoin is not only the king of cryptocurrencies but there are a lot more players joining it. And, this will obviously be excellent news for all the digital believers out there!
Conclusion
As we’ve seen in this Adesh Chaurasia latest news, India is on its way to launching its first pilot for the retail digital rupee. And, With this move bitcoin might not remain the dictating force in the world of digital currency. There are many more cryptocurrencies other than Bitcoin, and they’re all very different from one another. RBI is planning to launch a pilot for a digital rupee in India which means that you should expect to see more of these new-fangled currencies on your preferred platform soon enough!
