Digital Rupee : All you need to know
Digital Rupee is India's first official Central Bank Digital Currency (CBDC) issued & regulated by RBI. CBDC is a digital form of sovereign currency notes issued by a country's central bank. There will be two categories of Indian Digital Rupee viz. e-Rupee Wholesale (e₹-W) & e-Rupee Retail (e₹-R). Retail Rupee would be available for use by all viz. private sector, non-financial consumers and businesses while Wholesale Rupee would have restricted access for select financial institutions only. e-Rupee differs from cryptocurrency for the following reasons : Cryptocurrency is a decentralized currency while e-Rupee is highly centralized form of digital currency. It will be controlled & regulated by RBI, the sovereign central bank of India. There will be no fluctuations in the value of e-Rupee unlike a cryptocurrency. e-Rupee will be a legal tender in India while cryptocurrencies are not. Initial launch phase of e₹-Wholesale has already been started w.e.f 01 Nove...