Indian ₹ goes digital 🇮🇳

RBI recently rolled out the digital version of the Indian Rupee in the market. Here's everything you need to know about it 👇🏻

Digital Version of the India Rupee - eRupee is the electronic version of cash regulated by the reserve bank of India having the same value as physical currency/notes.

Advantages of eRupee ₹

1. Enhances P2P transaction - Enhances and promotes easy Person-to-Person real-time transactions.2. It's 100% safe - as RBI is regulating it.3. Preventing Frauds and scams.4. It's Traceable.5. It'll boost our economy and India will strengthen its spit as a digital economy around the globe 🌎

Is eRupee a cryptocurrency issued by the Indian Govt?

No, the fundamental characteristic of a cryptocurrency is that it remains decentralised (not regulated or controlled by any particular person, or institution.). In contrast, the eRupee is centralised as it is regulated by RBI. Also, the eRupee is to be distributed by Banks (it's not mintable 🙃)

eRupee is categorised into two types:- 1. Wholesale and 2. Retail

1. The wholesale eRupee is majorly for business or institutional functions.

2. The retail eRupee is for normal citizens (for day-to-day activities).

The reason to be bullish on eRupee:-

India's Legit Invention the UPI's case study. Pre-covid UPI had less than a million monthly users and today UPI has more than 150 Million Monthly active users.

The growth rate for UPI has been insane for the nation and the same is expected by the new eRupee ₹

The Pilot testing of Wholesale eRupee started on Nov.1 whereas the pilot testing of Retail eRupee has started today {Dec1}.

Currently, the pilot testing is taking place in 4 cities - Delhi, Banglore, Mumbai and Bhubneshwar with 3 banks in play - ICICI, HDFC and IDFC first 🏦

If eRupee turns out to be successful then it is expected that after a point (approx 7-8 years) the physical notes will be out of the market.

That's it for the day Web3ians, Web3Shala Signing Off ✌🏻

To the moon 🚀Jai Bharat 🇮🇳