New Delhi: Launch of digital rupee by 2023.Official currency recognition by RBI. How will digital rupee differ from fiat currency? The Indian government is likely to launch its own official digital currency (Digital Rupee) by Union Budget 2022-23. The digital rupee to be launched by the Reserve Bank of India will also be similar to the electronic wallet currently available from private companies.
But top sources in the government said that there will be recognition of official currency of the country without RBI-backed digital rupee. Finance Minister Nirmala Sitharaman announced in the Union Budget 2022-23 that “Central Bank-backed ‘Digital Rupee’ will be introduced soon”.
But top sources in the government said that there will be recognition of official currency of the country without RBI-backed digital rupee. Finance Minister Nirmala Sitharaman announced in the Union Budget 2022-23 that “Central Bank-backed ‘Digital Rupee’ will be introduced soon”.
A digital currency issued by the Reserve Bank will have unique digits similar to the ‘fiat’ (physical) currency currently in circulation. It is no different from ‘fiat’ currency. Even in value there is no difference between fiat currency and digital rupee.
It will be a digital form of current currency. Just as fiat currency is officially minted by the government, digital rupee can also be said to be a government guaranteed digital wallet.
How to Track Digital Rupee Transactions?
Sources said that the Reserve Bank of India has indicated that the digital rupee will be ready by the end of the financial year 2023. The digital rupee developed by the Reserve Bank is based on blockchain technology and is able to track all types of transactions. Currently private companies’ mobile wallets do not have this feature.
Sources explained that, currently people transfer money to private companies using electronic wallets of private companies. This money stays with the company or the exchange and these companies make payments on any transaction on behalf of the customer.
But, when it comes to digital rupee, people can have digital currency right on the phone. And that is in the central bank. It is transferred directly from the central bank to any store or person through your phone. This will be fully guaranteed by the government.
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Currently crypto exchanges are charging for money exchange. Apart from this, the money transferred to the wallet of private companies is also subject to credit risk. However, there are no separate charges for circulation of digital rupees. You can keep money right on your phone. Sources said that you can use it as per your need.
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