Digital Rupee is a Cryptocurrency
There’s a misconception that the Digital Rupee is a cryptocurrency like Bitcoin.
Cryptocurrencies are decentralized digital assets using blockchain technology. Digital Rupee, however, is a central bank digital currency (CBDC) issued by RBI.
Unlike cryptocurrencies, CBDCs are centralized and regulated by a country’s central bank. They represent a digital version of a national currency, aiming to complement physical currency. While both are digital, their nature, purpose, and underlying technology are different.
Learn more about what is the Digital Rupee and how does it works here.
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This week we discussed
New technology always tries to fix the issues with the old one. But only some pass in this pursuit. Does Digital Rupee pass the quest? Can E-Rupee replace cash?
What is RuPay? Why is the Indian Government promoting RuPay over Visa and Mastercard? If you use RuPay, what are the benefits and disadvantages for you?