- Published on October 18, 2022
- In IT Services
India’s Digital Rupee and How it’s Different from China’s
Recently, RBI released a concept note on India’s own digital currency, i.e, e₹. As per RBI, it is to “create awareness about CBDCs in general and planned features of the digital Rupee, in particular”
- By Lokesh Choudhary
Finance minister Nirmala Sitharaman first disclosed the government's intention to introduce India's own CBDC – the e-rupee (e₹) – in March 2022. Highlighting the significance of CBDCs, the FM said, "We see clear advantages in a central bank- driven digital currency, because in this day and age, large transactions between institutions, bulk payments between countries, and transactions between central banks of each country are all better enabled with digital currency."
A few months later, in October 2022, RBI released a concept note regarding Indian CBDC, i.e, e₹. As per the RBI, it is to “create awareness about CBDCs in general and planned features of the digital Rupee, in particular”.
Currently, China is the only developed country using CBDC on a large scale and has
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Lokesh Choudhary
Tech-savvy storyteller with a knack for uncovering AI's hidden gems and dodging its potential pitfalls. 'Navigating the world of tech', one story at a time.
You can reach me at: lokesh.choudhary@analyticsindiamag.com.
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