🇮🇳 Digital Currency - E Rupee
Explaining the RBI's plan to digitize the Indian Rupee
Today's Highlights
- Revolutionizing India's Economy
- Blockchain jobs - a listing of fresh jobs related to web3/blockchain/crypto.
- In Other News - a few interesting developments we're tracking.
Revolutionizing India's Economy
One of the most used currencies in the world is the Indian Rupee. The value of the rupee has changed drastically throughout the years due to government intervention, but it is still very much a physical currency. However, this could very well change in the coming year, or perhaps even months.
The Reserve Bank of India (RBI) announced that it will soon commence “limited pilot launches” of the digital rupee for specific use cases.
The Indian federal government wants to test the technology and see how it can benefit them and the citizens. They will look at tech and design choices, privacy issues, implications of digital currency on the economy, etc.. This project has been in the works for a long time now. They believe that digital currency is far easier to manage, more efficient, and is cheaper.
The RBI will continue to test and keep iterating on the currency until it is ready for final launch. The main goal is to examine all the use cases and make sure there are minimal to zero disruptions. For example, they are exploring the implementation of account-based digital currency for the wholesale segment, while exploring token-based digital currency for retail.
It seems that a lot of effort and time is being put into this new digital currency, and when it launches, it could have the potential to revolutionize India’s economy forever.
💡 Blockchain Jobs
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In Other News
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