Abstract
Around the world, there has been increased interest in the idea of Central Bank Digital Currency (CBDC), with the majority of central banks actively investigating and analysing it. With the experimental launch of Central Bank Digital Currency, India has made an important step towards digitising its financial ecosystem. Central Bank Digital Currency (CBDC) is an electronic equivalent of a country's official currency that is issued by the central bank. The RBI (Reserve Bank of India) will issue this legal cash, also known as the digital rupee, in India. More than 100 countries throughout the world are now working on developing CBDCs, which are happening at different stages. While some nations have already launched their digital currencies, others have given up or ceased working on their plans. Despite being heavily influenced by Bitcoin, the concept of CBDCs is distinct from decentralised virtual currencies and crypto assets, which are not issued by the government and do not qualify as "legal tender." Although the RBI encourages the development of virtual and online currencies, it does not encourage those like Bitcoin because it is difficult to track their final destination. To track end-to-end virtual currency usage, a CBDC should be introduced. This study aims to research and analyse what the digital rupee is, its benefits, risks, implementation methods and its impact on the economy
Digital Currency, Central Bank and Digital Rupee
References
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Author information
Suganya. K
Ph.D Research Scholar, Department of Banking Management, Alagappa University, Karaikudi, 630 006,India, [email protected]
Dr. C. Yogalakshmi
Senior professor, Department of Banking Management,Alagappa University, Karaikudi-630 006, India