RBI will soon Launch CBDC (Digital Rupee) Pilot

Central Bank Digital Currency (CBDC) is the new form of fiat money. This is not different money instead it's the digital form of Fiat currency which will carry the same value as we can get with the physical currency. Many countries are working on the launch of their digital currency because it will be easy for them to save the cost of printing and many other expenses. Now since things are moving towards the digital Jason so it needs time to have the digital currency. It will be available on the devices and can be used for the same purposes where we can use physical currency however through these the country will be able to save a lot of money on the administration cost. This will also be easy to transact because transactions can happen in real-time and people need not carry anything in physical form.

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India is one of the countries that has been working to launch its digital currency and seems like they are all set to launch it soon. The Reserve Bank of India is the government body that man is all these decisions related to the currency and banking system. They have been working on it for quite some time and now they have announced that soon they are going to launch the pilot of CDBC. This will be for a limited time and they will test all possible scenarios or challenges during this before launching it for everyone.

This is good I believe because this way they are going to provide an alternate option to the people in a country where it will not be required to carry physical cash and also there is no requirement to carry bank cards for the payment. Even with the banking system, there are certain limits on the daily transaction and hopefully, with digital currency, there should be no such limit because it is directly controlled by RBI.

The Reserve Bank of India (RBI) on Friday said that it will soon commence the pilot launch of the Digital Rupee for specific use cases as it tests digital currency in India. It released a concept note on the Central Bank Digital Currency (CBDC). The RBI said that the purpose behind issuing the concept note is to create awareness about CBDCs in general and the planned features of the Digital Rupee.

Many countries are working on this initiative but seem like India is going to be the first country to launch it soon. As far as I am aware that even no country has started its trials as of now. This is a good initiative I believe but at the same time, it is also important for these countries to think about crypto as this is also a revolution. If a country is moving towards having its digital currency then why not cryptocurrency which is also digital money and can also be considered an asset segment?

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I hope that the Indian government thinks about it and see the possibility and provides an option for people to buy cryptocurrency using digital Fiat currency. If this happens then I'm sure India is going to be one of the countries where the crypto community will be benefited from this but seems like this is going to be a time taking process. Even if there is no shortage that this is going to happen or not but we can be hopeful that government will surely give it a positive thought and this way the country will be able to get benefitted through the blockchain and cryptocurrency revolution.

Let's see how things are going to be and how it will make our life easy. I am eager to see that day when I can use digital currency to buy crypto. If that happens then I will then only I would say that the country has adopted the digital currency revolution.

Thank you.

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