Last Update: January 20, 2023, 10:42 AM IST
Coming back to digital currencies, countries such as China, India, Nigeria and the Bahamas have already introduced digital currencies.
The Reserve Bank of India will allow the conversion of digital currency into cash but at present this facility cannot be availed.
Speaking at an event organized by Indian Merchants Chamber, Anuj Ranjan, Chief General Manager, Fintech Department of RBI, said that currently eRupee cannot be converted into cash and vice versa. He further said that the e-rupee will be issued by the Reserve Bank only against bank deposits. India (RBI). It will allow converting digital currency into cash but currently this facility cannot be availed.
As reported by The Times of India, the pilot project has made quite satisfactory progress in a closed-user group and the number of users is gradually increasing. Anuj Ranjan said the central bank will bear the cost related to eRupee as it is part of the RBI’s liabilities. Yes Bank has made available a digital wallet for its customers through Apple App Store and Google Play Store. Other companies such as Reliance Retail, Natural Ice Cream and oil marketing companies have so far signed up to accept payments in eRupee.
Coming back to digital currencies, countries such as China, India, Nigeria and the Bahamas have already introduced digital currencies. On the other hand, Sweden and Japan will soon launch their own digital currency. The United States is still studying the issue and testing various technologies to enable digital currency. Meanwhile, Fed Chairman Jerome Powell has indicated that the US central bank has no plans and will not do so without instructions from Congress.
Other countries are still engrossed in the debate about the need, usefulness and potential pros and cons of digital currencies. There are two types of CBDCs – one used by the general public as fiat income and the other for central banks to transfer funds to commercial banks.
One such currency is China’s digital yuan, which regular Chinese citizens can use through well-established and well-connected digital payment platforms such as Alipay and WeChat Pay. India’s experiment with a digital rupee, which could allow people to transact without using traditional banks, is an equally daring endeavour.
read all latest business news Here