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e-Rupee What is a Digital Rupee and How is it Different from UPI, NEFT & RTGS

Central Bank Digital Currency (CBDC) or digital rupee is a form of legal tender in a digital rupee. It is meant to be transacted digitally and facilitate the ease of internet transactions. And unlike UPI, NEFT, and RTGS, the digital rupee is not a mode of payment.<br><br>

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e-Rupee What is a Digital Rupee and How is it Different from UPI, NEFT & RTGS

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  1. e-Rupee: What is a Digital Rupee and How is it Different from UPI, NEFT & RTGS?

  2. Central Bank Digital Currency (CBDC) or digital rupee is a form of legal tender in a digital rupee. It is meant to be transacted digitally and facilitate the ease of internet transactions. And unlike UPI, NEFT, and RTGS, the digital rupee is not a mode of payment.

  3. It is an electronic form of sovereign currency and it will be exchangeable at par with existing currencies. The digital rupee is expected to facilitate the ease of use of online transactions. It is being touted as safer than private cryptocurrencies as digital rupees do not pose a threat to the stability of the financial system of the country.

  4. What is a digital rupee? Central Bank Digital Currency is a form of digital currency or currency that is available entirely in electronic form. It is exchanged exclusively through virtual means and does not leave a computer network. Transactions through UPI, RTGS, and NEFT are done through banks, therefore, they take a lot of time to process. But that is not the case with the digital rupee.

  5. The digital rupee is a currency in digital form that enables digital transactions. NEFT, UPI, and RTGs are modes of transfer where transactions can happen digitally. Usually, the bank acts as an intermediary in UPI, NEFT, and RTGS transactions. However, in the case of CBDC, a person is able to withdraw virtual money and retain it in their mobile wallet. The bank doesn’t act as a middleman in the transactions.

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