India to Get its Own Digital Currency

RBI Deputy Governor announces that India will be Launching its own Digital Currency.

the RBi Deputy Governor said that the time for Central Banks Digital Currency is over! (CBDC) Central Bank Digital Currencies are desirable not just for their benefits but they create in payment systems but also might be necessary to protect the general public in a volatile private virtual currencies environment.

A few clarifications before we understand what is going to happen

What is Digital Currency?

Digital currency is a form of currency that is available only in digital or electronic form, and not in physical form. It is also called digital money, electronic money, electronic currency, or cybercash.

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How does Digital Currency Work?

The biggest (and most difficult to grasp) element of how digital currencies work is their blockchain networks. But before we go any further to discuss how these networks operate, we need to make an important clarification.

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If Digital Currency is adopted what will happen:

What will be Replaced?

Instead of cash, digital currencies will be deposited in digital wallets. It will be the same as the amount of money in one’s bank account.

How Will these transactions take place?

It will be similar to the transactions made via different applications on our gadgets with cash in our bank account. Unlike cash digital currency cannot be withdrawn as coins or notes. The only difference will be the money’s form.

Just like many other countries, India is now going to launch its own digital currency in order to reduce the number of actual money transactions as much as feasible.

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