RBI has announced that it will soon introduce digital currency notes on a trial basis for certain applications.
Finance Minister Nirmala Sitharaman had announced that during the presentation of the budget for the year 2022-23, digital currency notes, equivalent to the currency notes, would be issued. Also, RBI is going to introduce a digital currency scheme within this year. RBI Deputy Governor Rabi Shankar had said last month that the digital rupee will not be an alternative to cash and will not lead to a cashless society.
In this case, the Reserve Bank has said in a press release today:
The digital currency is being introduced on a trial basis to create awareness among the public about digital currency notes. As such pilot programs are expanded across the country, their merits and benefits will be highlighted from time to time.
E-Rupee will be an additional optional option for the money currently in circulation. It is no different from regular banknotes. But being digital makes it easier and faster. Also, it will have all the transactional advantages of other digital currencies.
At present, it discusses key issues such as technology and design choices, potential uses of digital rupees, and issuance mechanisms. It will analyze the implications and unique issues involved in the introduction of CPTC on the banking system, monetary policy and financial stability.
It is a legal tender issued by the central bank in a digital form
is defined. It is like a currency note signed by the RBI Governor. But only the form will be different. Exchangeable with existing currency. Legal title and value will be accepted as savings. Liabilities on Reserve Bank’s Balance Sheet
will be featured in the area.
It says so.
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