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What an e-rupee really is must be crystal clear
The Reserve Bank of India (RBI) could have avoided a mention of ‘barter’ in its brief history of money that opens its ‘Concept Note on Central Bank Digital Currency’ for being just another dubious story of origin, but does a fine job overall of posing cash as an abstract thing whose form—physical or digital—makes no difference to its purpose as a medium of exchange, unit of account or store of value: It is simply an IOU, a liability of the issuer. But the concept details spelt out by RBI are a let-down. Ledger distribution calls can be taken accordingly. The success of an e-rupee will also depend on the fourth P: Promotion. Directly held e-rupee keys will be safer from prying eyes than bank swipes, no doubt, but “reasonable anonymity for small value transactions" is all RBI can offer at this juncture. Here, too, single-rule clarity will make the concept easier to sell earnestly. Source - Mint #rupee #rupees #rbi #digitlcurrency #erupee
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