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What is a central bank digital currency (CBDC)
“Digital Rupee” or “e₹” is a legal tender, similar to sovereign paper currency, and is issued in digital form by the Reserve Bank of India. e₹ will offer features of physical cash like trust, safety and settlement finality with atomicity (i.e. immediate settlement of transactions) in digital mode. e₹ represents a direct claim on the central bank. It can be used to carry out transactions or store value digitally, similar to the manner in which currency notes can be used in physical form.
What is Digital Rupee wallet? / Where can Digital Rupee be held?
e₹ can be held in an e₹ wallet issued by banks. This wallet can be linked to your existing Bank (savings / current) account. The wallet is a digital representation of your physical wallet and e₹ can be withdrawn/ deposited from your existing bank account into this wallet.
Will e₹ replace cash, debit cards and credit cards?
No. Reserve Bank of India in its concept note states that e₹ is aimed to complement and create an alternate to physical currency and not replace current forms of money. It is envisaged to provide additional avenue of handling money to users.
How e₹ is different from UPI or other fund transfer mode (NEFT/RTGS/IMPS)?
e₹ is a form of money, a digital representation of physical currency, whereas UPI or other fund transfer modes are forms of payment. Therefore, usage of e₹ is not limited to payments. e₹ also serves the purpose of ‘unit of account’ and importantly, ‘store of value’ as it represents a claim on the Reserve Bank’s balance sheet. Moreover, e₹ will have additional attributes specific to currency which will be tested in future pilots.
Is e₹ same as cryptocurrency such as bitcoin?
No. e₹ is digital form of currency notes and has intrinsic value as it represents a claim on the Reserve Bank’s balance sheet. e₹ is issued by the Reserve Bank and is a legal tender. Crypto products such as bitcoin on the other hand do not exhibit any features of a currency, do not have any intrinsic value, are not backed by assets and are not issued by a central trusted authority, such as RBI.
Who can use e₹?
In the first pilot of central bank digital currency – Retail (Digital Rupee – e₹), few customers have been selected to be a part of the Closed User Group (CUG) in few locations. We will add more customers as and when we receive the intimation from the RBI.
Are there any charges/fees on using e₹?
No. There is no charges/fees associated with e₹ or e₹ wallets.
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