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Har Payment Digital Mission The Reserve Bank of India (RBI) has started a new initiative called "Har Payment Digital" as part of its aim to get every Indian using digital payments. The campaign, which was started during Digital Payments Awareness Week, aims to increase awareness of how simple and convenient digital payments are while also bringing on new users. Also, the Central Bank has launched a project to adopt 75 villages and provide them with the ability to accept digital payments. Operators of payment systems are supposed to embrace these villages. About & Goals As part of the project, Payment…
16 March, 2023
Digital currency
Digital Rupee The first pilot in the Digital Rupee, Wholesale segment according to the Reserve Bank of India (RBI), will start on November 1st, 2022. The first trial in the Digital Rupee - Retail category will debut in a month in a few key areas with closed user groups made up of consumers and retailers. Describe Digital Rupee. A digital version of currency notes produced by a central bank is known as a Central Bank Digital Currency (CBDC) or Digital Rupee. It is a digital method of payment that supports contactless exchanges. It is characterized as the Reserve Bank of…
02 November, 2022
Digital currency
Proposed Digital Rupee by RBI E-rupee (e'), also known as Central Bank Digital Currency (CBDC) or digital rupee, will shortly be launched as a limited pilot program by the Reserve Bank of India (RBI) for particular use cases. For various transactions, it has alluded to the use of two main kinds of e-rupee: retail and wholesale. Describe e-rupee. Definition: The central bank's digital version of currency notes is known as the CBDC, according to RBI. The central bank (in this case, the RBI) issues it as a sovereign or fully autonomous currency in accordance with the nation's monetary policy. Legal…
08 October, 2022
Digital currency
Ethereum Merger The second-most valued cryptocurrency in the world, Ethereum, just underwent a substantial software upgrade. About: Ethereum redesign: This process is referred to as "The Merge." It will do away with the requirement for cryptocurrency miners and massive mining farms, which previously powered the blockchain through a system known as "proof-of-work" (PoW). In its place, a "proof-of-stake" (PoS) mechanism has been adopted, which randomly selects "validators" to approve transactions in exchange for a modest payment. How it has operated thus far: Since Ethereum is a decentralized cryptocurrency, its network does not have organizations like banks approving transactions. Before, the…
21 September, 2022
Digital currency
Central Bank Digital Currency- UPSC According to a recent report, the Reserve Bank of India's (RBI) Central Bank Digital Currency (CBDC) may be implemented gradually, starting with wholesale enterprises during the current fiscal year. Major Points The budgetary speech said that the CBDC would be introduced by the central bank in the 2022–23 fiscal year. The attitude of the RBI is that it has consistently opposed private digital currencies and has asked the government to extend the use of the paper rupee to encompass digital currency. In order to start a CBDC, RBI suggested changes to the Reserve Bank of…
24 August, 2022
Digital currency
Digital Currency Over 7% of India's population possessed digital currency in 2021, according to a recent report by the United Nations Trade and Development Body (UNCTAD). Additionally, India was rated eighth in terms of population ownership of digital currencies among the top 20 economies worldwide. Image Source - Techcabal HIGHLIGHT When it comes to the percentage of the population that owns cryptocurrency, developing nations made up 15 of the top 20 economies. On the list, Ukraine came in first, followed by Russia, Venezuela, Singapore, Kenya, and the United States. During the Covid-19 pandemic, cryptocurrency use multiplied globally, particularly in developing…
13 August, 2022
Digital currency
RBI plans to introduce Central Bank Digital Currency (CBDC) The Reserve Bank of India is likely to soon kick off pilot projects to assess the viability of using digital currency to make wholesale and retail payments to help calibrate its strategy for introducing a full-scale Central Bank Digital Currency (CBDC). India is already a leader in digital payments, but cash remains dominant for small-value transactions, he said, stressing that an official digital currency would reduce the cost of currency management while enabling real-time payments without any inter-bank settlement. Some key issues are being examined: whether they should be used in…
23 July, 2021
Digital currency
Cryptocurrency Context The government intends to bring in a law on cryptocurrencies to put an end to the existing ambiguity over the legality of these currencies in India. The government has, suggested that it does not consider them to be legal tender. What is Bitcoin? Bitcoin is a type of digital currency that enables instant payments to anyone. Bitcoin was introduced in 2009. Bitcoin is based on an open-source protocol and is not issued by any central authority. Bitcoin is a peer-to-peer currency. Bitcoin is the first decentralised digital currency. Disadvantages Such currencies are: highly volatile, used…
12 February, 2021
Digital currency
Notes on a digital currency plan, made in China By, Partha Ray is Professor of Economics at the Indian Institute of Management Calcutta. Santanu Paul is Co-founder and CEO of TalentSprint, an edtech company Introduction While the world is grappling with the fallout of COVID-19 and speculating on how far China can be blamed for the pandemic, a silent digital revolution is taking place in China. On April 29, 2020, the People’s Bank of China (PBoC), the country’s central bank, issued a cryptic press release to the general effect: “In order to implement the FinTech Development Plan (2019-2021), the People’s…
23 May, 2020
Digital currency
Official Digital Currency-China Part of: GS-III- Digital currency (PT-MAINS-PERSONALITY TEST) Recently, China has started testing its official digital currency which is unofficially called “Digital Currency Electronic Payment, DC/EP”. Imp Points The digital currency of China has not been officially released but internal pilot tests are being carried out in four cities of China. China is expected to officially make the sovereign digital currency available to the public later in 2020. It could be considered the world’s first Central Bank Digital Currency (CBDC) if it is officially issued by state bank People’s Bank of China. The total size of China’s digital currency could reach one trillion…
05 May, 2020
Digital currency
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