Sunday, April 2, 2023
Bitcoin - Altcoin News
No Result
View All Result
  • Login
No Result
View All Result
Bitcoin News
No Result
View All Result
Home News Digital Currencies

Digital Rupee Will Wipe Out All The Black Money, Claims RBI Official

news by news
December 23, 2022
in Digital Currencies, Digital Rupee, News, RBI
0
Digital Rupee Will Wipe Out All The Black Money, Claims RBI Official
0
SHARES
54
VIEWS
Share on FacebookShare on Twitter

READ ALSO

Breaking: Binance, CZ And Three Top Crypto Influencers Slapped With $1 Billion Lawsuit

Elon Musk’s SpaceX To Fly 62 Bitcoin To The Moon? Here’s Why

Digital Rupee

Ajay Kumar Choudhary, executive director of the Reserve Bank of India, stated at an interactive session on “Digital Rupee: A Way Forward” that the introduction of digital currency would significantly increase system operational efficiency and promote financial inclusion.

Digital rupee would add resilience linked to innovation in the way payments are made, claims Choudhary. According to him, it will also foster innovation in the field of international payments. In the future, the marketplaces will produce more enormous cases in accordance with their own needs. CBDC will provide the public with the desired experience while upholding consumer protection and averting negative social and economic repercussions, he added.

Will it replace current payment system?

Digital currency, according to Choudhary, will cover the strategic need at this moment. According to him, digital currency is more likely to supplement existing systems of payment than to replace them. It would give users a different option as a means of payment.

Also read: Lower Crypto Tax In India Union Budget 2023?: What To Expect

In order to create a system that is inclusive, competitive, and responsive to innovation and technological changes, he said, the Reserve Bank of India will take steps to ensure that the issuance of CBDC follows a calculated and proper approach with adequate safeguards to tackle any potential difficulties and risks.

According to the central bank digital currency (CBDC) tracker, nearly 105 nations—representing 95% of global GDP—have taken steps to integrate digital currency into their economic systems, Choudhary said, adding that about 50 nations are in an advanced stage of exploring the possibility of doing so, while 10 nations have already done so fully.

Also read: RBI Chief Reaffirms Crypto Ban, Warns Of Upcoming Financial Crisis

Difference in UPI and digital currency

When comparing digital currency with UPI, Choudhary noted that while UPI is a payment method, digital money issued by the central bank is a liability for the RBI, similar to physical currency. He noted that the respective bank is responsible for any transaction made through UPI.

The post Digital Rupee Will Wipe Out All The Black Money, Claims RBI Official appeared first on CoinGape.

Related Posts

Breaking: Binance, CZ And Three Top Crypto Influencers Slapped With $1 Billion Lawsuit
24/7 Cryptocurrency News

Breaking: Binance, CZ And Three Top Crypto Influencers Slapped With $1 Billion Lawsuit

April 1, 2023
Elon Musk’s SpaceX To Fly 62 Bitcoin To The Moon? Here’s Why
24/7 Cryptocurrency News

Elon Musk’s SpaceX To Fly 62 Bitcoin To The Moon? Here’s Why

April 1, 2023
Celsius Releases Reorganization Strategy; Finally Some Hope For Retail Customers?
24/7 Cryptocurrency News

Celsius Releases Reorganization Strategy; Finally Some Hope For Retail Customers?

April 1, 2023
Bitcoin Trades Above $28K Despite Fall Of Bittrex U.S.
24/7 Cryptocurrency News

Bitcoin Trades Above $28K Despite Fall Of Bittrex U.S.

April 1, 2023
Breaking: Binance Burns 1.6 Billion Terra Luna Classic Tokens, LUNC Price Jumps 3%
24/7 Cryptocurrency News

Breaking: Binance Burns 1.6 Billion Terra Luna Classic Tokens, LUNC Price Jumps 3%

April 1, 2023
XRP Lawyer States Best And Worst Outcomes In US SEC Vs Ripple Lawsuit
24/7 Cryptocurrency News

XRP Lawyer States Best And Worst Outcomes In US SEC Vs Ripple Lawsuit

April 1, 2023
Next Post
Top 5 Crypto Tokens To Buy To Have A Thrilling 2022 Christmas Season

Top 5 Crypto Tokens To Buy To Have A Thrilling 2022 Christmas Season

POPULAR NEWS

Bitcoin Price Prediction: On-Chain Data And Analysts Predict More Upside For BTC

Bitcoin Price Prediction: On-Chain Data And Analysts Predict More Upside For BTC

December 7, 2022
Crypto Prices Today: Huobi Token, Ethereum, Dogecoin Is Up; Solana Takes A Dip

Crypto Prices Today: Huobi Token, Ethereum, Dogecoin Is Up; Solana Takes A Dip

December 7, 2022
Donald Trump’s NFT Trading Cards Pump 350% In Value Upon Launch

Donald Trump’s NFT Trading Cards Pump 350% In Value Upon Launch

December 17, 2022
Bitcoin Price Today: BTC Rises By Nearly 2% While BlockFi Files For Bankruptcy

Bitcoin Price Today: BTC Rises By Nearly 2% While BlockFi Files For Bankruptcy

December 7, 2022
Breaking: “Guilty” FTX Executive Will Now Cooperate Against SBF In Probe

Breaking: “Guilty” FTX Executive Will Now Cooperate Against SBF In Probe

February 28, 2023

EDITOR'S PICK

Shiba Inu News: SHIB Price Tanks 5%, Here’s Why More Selloff Coming Soon

Shiba Inu News: SHIB Price Tanks 5%, Here’s Why More Selloff Coming Soon

December 17, 2022
Bitcoin (BTC) Price To Hit $25K or $21K, What’s Next?

Bitcoin (BTC) Price To Hit $25K or $21K, What’s Next?

January 24, 2023
Crypto Expert Predicts Ethereum (ETH) Price; Time To Buy?

Crypto Expert Predicts Ethereum (ETH) Price; Time To Buy?

December 14, 2022
Dogecoin (DOGE) Price To Decline Further Ahead Of Christmas 2022?

Dogecoin (DOGE) Price To Decline Further Ahead Of Christmas 2022?

December 20, 2022
Bitcoin - Altcoin News

© 2022 coingger.com

Navigate Site

  • Europe
  • Exchange
  • Elon Musk
  • ETH Price
  • crypto Tax U.S.
  • CZ
  • Crypto Miners
  • BTC Price
  • ChatGPT
  • China crypto
  • Coingecko
  • Binance Smart Chain
  • Bitcoin $100K
  • Airdrop

Follow Us

No Result
View All Result
  • Homepages
    • Home Page 1

© 2022 coingger.com

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In