Digital currency was pilot launched in India on November 1st, 2022.
Initially, the currency, also known as Central Bank Digital Currency (CBDC) was launched only for wholesale transactions – to be used for buying stocks or government bonds.
On the launch day Rs. 275 crores digital currency transaction was done.
The finance ministry is planning to launch digital currency also for retail transactions in a period of one month from its pilot launch date.
Meanwhile, there are lots of questions and doubts regarding digital currency that rise in the minds of people. A few of the common questions are:
- What’s the difference between digital currency and UPI?
- Isn’t cryptocurrency similar to digital currency?
- Will the value of digital currency go up and down depending upon its purchase amounts?
- Where will I get digital currency?
… and so on. In today’s video I answer the above 4 questions regarding digital currency.
RBI Launches Digital Currency In India On November 1st. Digital Currency Explained