The pilot programme for India’s future digital currency was launched by the Reserve Bank of India on Tuesday. The pilot project was announced months after Union Finance Minister Nirmala Sitharaman had said it would significantly help the economy in her budget statement.

The central banks of ten different nations have reportedly begun utilising digital currencies, according to a US-based research tank called Atlantic Council. The Caribbean nations that use digital currencies include the Bahamas, Nigeria, Antigua, Dominica, Grenada, Montserrat, St. Kitts, St. Lucia, and St. Vincent and the Grenadines, according to the Hindustan Times sister publication Live Hindustan.

At least 109 nations are now engaged in pilot projects or are planning to introduce digital currencies in their respective nations. The Central Bank of the Bahamas introduced its central bank digital money for the first time in October of that year.

cost savings for printing notes on paper

A Rs100 note in costs between 15 and 17 rupees to print, according to the RBI. A currency note has a maximum useful life of four years. The cost of printing new notes by the central bank is millions of crores of rupees. The RBI printed an additional 4.19 lakh notes during the financial year 2021–2022 at a cost of thousands of crores of rupees. Due to the widespread use of digital currency, the price will be nearly zero.

19 of the 20 G-20 nations, according to the Atlantic Council, are moving toward adopting digital currencies. Countries like India, Japan, South Korea, and Russia have made significant strides in this area during the last six months.

However, research is also being done in the United States, the United Kingdom, and Mexico. Report says that 105 nations account for a staggering 95% of the world’s GDP. The number of nations considering digital currencies has increased from 35 to 100 as of May 2020.

How does e-rupee operate?

A voucher called a “e-rupee” cannot be transferred. Only the person or organisation for whom it was issued will utilise it. There is only one purpose for the e-rupee. It is also contactless and cashless. The beneficiary will receive the e-rupee through SMS or QR code, which will be scanned, at their mobile phone number. The beneficiary’s cellphone number will receive a code for verification.

is similar from online payments?

There will be no a need for an interbank settlement after payment. It will be done for less cost and in a more timely manner. It will guarantee timely payment without calling for a mediator.

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