Sunday, August 15

Digital Currency Will Launch Today By PM

The world is fighting with Corona right now. We all know, due to this, the whole world has faced many challenges. But we should not forget that everything has two sides.  The world is moving ahead in the digital space, especially in India Taking the vision of Digital India further digital, RBI has launched Digital Currency. This digital currency will be like paper notes and coins. The only difference would be that Digital wallet instead of a pocket wallet. 

Digital currency
source: bitcoin.com

Who and when will launch this?

According to the statement issued by the PMO, Prime Minister Narendra Modi will launch this E-rupee digital currency today. It will be a person and purpose-centric digital payment facility. Its purpose is to benefit the public with very limited contact between the government and the beneficiary. The PMO said that E-rupees is a contactless and cashless arrangement with digital payments.

digital coin

What is the benefit of this digital currency?

After the launch of the digital currency, customers will be able to keep the amount deposited in the bank in their digital wallet. However, customers will be able to deposit and withdraw paper notes. They will be able to convert their amount into digital coins as per their requirement. According to experts,  After taking it in digital form, the depositor will not be able to get interest.

The government will also benefit from the digital money. After the issuance of this currency, the RBI will cost much less than the paper note. The expenses which used to be incurred in printing and distributing the note, will not be levied now. Along with this, the problem of counterfeit notes will also get rid of. This currency cannot be hidden, so RBI can easily keep an eye on it.

Virtual currency like cryptocurrency is currently in circulation. But it is not official, so the government does not take its guarantee. According to experts, this virtual E-currency can also threaten the economy of the country. 

Cryptocurrency
source: moneycontrol.com

At the moment we have to see how much this digital currency of RBI will benefit the country and the people of the country.

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