Digital Rupee (e₹) is a government digital currency (CBDC) issued by the Reserve Bank of India (RBI). It was launched as a pilot project in December 2022. It is still in the early stages.
I can tell you how you can use it right now:
At present, there are two types of digital rupee:
e₹-W (Wholesale): It started from November 2022 and is used only to settle secondary market transactions of government securities.
e₹-R (Retail): It started in December 2022, but it is still running on a limited scale. At present, only a few select banks are doing its trials.
If you are a common customer, then you cannot use it right now.
In the coming time, RBI is planning to implement it widely. Then you will be able to use it like any regular currency. Perhaps your phone will have a separate digital rupee wallet from which you will be able to make online and offline payments.
Here are some of the benefits that are expected:
Digital transactions and cashless society will be promoted.
Transactions can become less expensive and faster.
The problem of counterfeit rupees can be reduced.
Some things that are not clear yet:
Will there be any interest on digital rupees or not.
What will be the process of using it.
I hope this information was useful for you.
