Central Bank Digital Currency

On 7th October, 2022, the Reserve Bank of India (RBI) released the ‘Concept Note on Central Bank Digital Currency’.

Aim

  • To promote awareness about the central bank digital currency (“CBDC” or “Digital Rupee”) and to describe the possible uses and features of the Digital Rupee.

Highlights

Definition

  • CBDC is defined by the RBI as legal tender issued by a central bank in a digital form. It is analogous to paper currency but takes a digital form.
    • The RBI states that it will be exchangeable at par with the existing currency and will be accepted as a medium of payment and ....
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