CURRENT AFFAIRS
CURRENT AFFAIRS
Description
The number of transactions involving India's digital currency, the e-Rupee, has decreased drastically, to one-tenth of what it was in December. At the end of last year, there were 1 million retail sales every day. Now, there are barely 100,000 transactions per day.
Introduction To e-Rupee
The Reserve Bank of India (RBI) released the e-Rupee on December 1, 2022, as a Central Bank Digital Currency (CBDC). It is a digital version of the traditional rupee that serves as legal money in all forms of financial transactions.
Types Of CBDCs
CBDCs are classified into two major categories-
Retail CBDCs- These are supposed to be used by people, just like currency.
Wholesale CBDCs are used by banks to settle interbank transactions and other large-scale financial activity.
Issuance And Acquisition Of E-Rupee
The Reserve Bank of India (RBI) offers e-Rupees, which are electronic tokens with values comparable to actual money. These tokens are distributed by commercial banks and can be purchased through digital wallets provided by recognized financial institutions. E-Rupee, with capabilities such as QR code scanning and mobile phone transactions, allows people to purchase and sell items with one another and with companies. Gateways for the Unified Payments Interface (UPI) ensure that transfers run properly.
Benefits Of Using E-Rupee
Financial inclusion- This makes it easier for everyone, including those without bank accounts, to use digital financial services.
Efficiency- Transactions are completed faster and at a lesser cost than in traditional banking.
Security and transparency- Blockchain technology ensures that transfers are secure, minimizing the danger of fraud.
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