How is RBI's digital rupee different from cryptocurrency?
The Reserve Bank of India (RBI) made the announcement to launch the first pilot for the digital rupee today on December 1. To give some perspective, not even the United States has launched their Central Bank Digital Currency (CBDC) yet. One of the most common questions asked is how digital rupee going to be similar to cryptocurrency. With a retail CBDC, you should be able to transact without any bank involved (like physical cash). Moreover, unlike cryptocurrency, you will be able to make payments and transact with digital rupee through a digital wallet offered by the participating banks and stored on mobile phones. “ Unlike cryptos you cannot treat it as an asset class and invest in it. Source: BusinessToday #RBI