RBI will launch Digital Rupee

National Desk:
Digital Rupee: RBI will launch Digital Rupee today.  The Reserve Bank of India will first launch this digital rupee as a pilot project in the wholesale segment.  It is being said that the Reserve Bank can launch the digital rupee of the retail segment next month.  The Digital Rupee of the retail segment will be offered at select locations and for close group customers and merchants.  In the budget presented this year, Finance Minister Nirmala Sitharaman had mentioned digital currency for the first time.  The Finance Minister had said, "Digital Rupee will be rolled out in this financial year."
RBI issued a statement on 31 October 2022 saying, "The first pilot (wholesale segment) use case is being brought for settlement of secondary market transactions in the form of government securities. Its use is effective for the inter-bank market."  Maybe. Digital Rupee can be used for wholesale transactions, cross-border payments etc. on this pilot basis in future."
According to RBI, CBDC (Digital Rupee) will be a medium of payment, which will be issued as a legal tender to all citizens, business, government and others.  Its value will be equal to the legal tender note (current currency) of the safe store.  Users will be able to easily convert it into bank money and cash.
Reserve Bank of India Deputy Governor T Rabi Shankar had said that this digital currency will make a great place in the market by eliminating other virtual currencies such as Bitcoin.  Let us tell you, the central bank has been opposing crypto and virtual currency like Bitcoin since the beginning.