The projected Central Bank Digital Currency (CBDC)’s suggested QR code will interact with the UPI payment system, according to a plan being developed by the RBI. The central bank also intended to expand the number of users of e-rupee, i.e. CBDC, to 1 million by the end of this month, according to RBI Deputy Governor T Ravi Shankar in a conversation with media on Thursday.
The digital rupee pilot test has begun.
Additionally, according to Shankar, the RBI intends to integrate the CBDC’s QR code with the Unified Payments System (UPI). Last year, the Reserve Bank tested the usage of the digital rupee in a trial program. CBDC was initially tested for wholesale usage, and afterward for retail use as well.
UPI has gained enormous traction.
The Reserve Bank wants to use the UPI platform, which has grown to be quite popular among individuals for making payments, as well as the CBDC QR code. However, Shankar stated that the RBI will go gradually in this route and has not set a deadline for the widespread usage of CBDC.
Describe Digital Rupee.
Let us clarify that electronic notes and coins are known as “digital rupees.” You won’t need to hold coinage after the e-rupee was introduced. The only distinction is that you must conduct this transaction digitally, or online. Blockchain technology underpins the Digital Rupee.
What cities will the digital rupee be accessible in?
The Reserve Bank of India (RBI) has discussed introducing the digital rupee through the pilot project’s eight banks. Let us inform you that this facility will launch in Mumbai, New Delhi, Bengaluru, and Bhubaneswar in the first phase. The second phase would see the introduction of the digital rupee in Ahmedabad, Gangtok, Guwahati, Hyderabad, Indore, Kochi, Lucknow, Patna, and Shimla.
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