On December 1st the RBI launched a pilot version of the e-Rupee in four cities. The e-Rupee is nothing but a digital form of the Indian rupee. Because it’s issued by the RBI, it’s called a central bank digital currency or CBDC. But we already make digital payments via UPI-based apps like Google Pay, PhonePe and Paytm. So how are CBDCs different and what’s the incentive for people to transact in e-Rupees?
Moreover, e-Rupees have to contend with cash. Although the RBI has promised to keep e-Rupee transactions anonymous, the digital currency (CBDC) is, after all, built on a private blockchain which can be accessed by the RBI or whoever it grants access to. The blockchain, as we know, makes every transaction traceable. So can India’s CBDC beat UPI? And can it beat the anonymity that cash offers? Forbes India’s Varsha Meghani answers these questions and looks at what it will take for CBDCs to become a widespread means of payment.
#blockchain #UPI #cbdc #erupee
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