India has made significant progress in its use of digital wallets and other payment solutions including NEFT, RTGS, and IMPS. So now, just what is RBI's digital rupee?
As bitcoin's popularity soared in India in 2017, the Reserve Bank of India (RBI) stated unequivocally that it is wary of the non-fiat and volatile cryptocurrency, reports mint. However, emboldened by the success, RBI executive director Sudarshan Sen stated that the central bank, like its global counterparts, is looking at the prospect of launching its own fiat-based cryptocurrency.
After precisely five years, the Reserve Bank of India (RBI) has finally published a conceptual note on the digital rupee, a central bank digital currency (CBDC). The RBI proposed in its concept note to issue two types of CBDC: wholesale for interbank settlement and retail.
For CBDC, competing with cash is of utmost importance. Approximately 89% of all transactions in 2020 were estimated to be cash-based based on volume, according...