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It would be issued in the same denominations that paper currency and coins are currently issued.

The e-Rupee would be in the form of a digital token that represents legal tender. The founder of Shree Consultants Kishore Subramanian clarifies that the difference between digital currency and UPI is that digital currency is like physical currency issued by the central bank and is the RBI's liability whereas UPI is a means of payment.Īny transaction through UPI is the respective bank's liability. Once again yet another country is positioning themselves to dump the U.S. Product features Currency Converter Exchange Rates Currency Converter For All Countries Exchange Rates For All Countries Indian Rupee (INR) Currency. The symbol of Indian Rupee typifies Indias international identity for money transactions and economic strength. ( Also Read: Scientists Claim AI To Overtake Humans Soon)Īs per the central bank digital currency (CBDC) tracker, almost 105 countries representing 95 percent of the world's GDP have taken steps to inculcate digital currency in their ecosystem.ĥ0 countries are at the advanced phase of exploration to launch a digital currency, while 10 countries have fully launched digital currency. The regulator stated that the RBI's CBDC, also known as the Digital Rupee or e-Rupee, is interchangeable one-to-one at par with the fiat currency and is the same as a sovereign currency. According to the concept note, the Central Bank Digital Currency (CBDC) is the Reserve Bank of India's official form of currency.