{"id":26997,"date":"2022-12-02T06:00:17","date_gmt":"2022-12-02T06:00:17","guid":{"rendered":"https:\/\/todaysnews.in\/daily-updates\/?p=26997"},"modified":"2022-12-02T06:00:28","modified_gmt":"2022-12-02T06:00:28","slug":"rbi-launched-retail-digital-rupee-on-1st-december2022-the-digital-token-represents-legal-tender","status":"publish","type":"post","link":"https:\/\/todaysnews.in\/daily-updates\/rbi-launched-retail-digital-rupee-on-1st-december2022-the-digital-token-represents-legal-tender\/","title":{"rendered":"RBI Launched Retail Digital Rupee On 1st December&#8217;2022: The Digital Token Represents Legal Tender"},"content":{"rendered":"<p>Gleeful news for those who are eagerly waiting for digital tokens. The Reserve Bank of India prepared for the first pilot Digital Rupee (e\u20b9-R) in four cities of India \u2013 Bengaluru, Mumbai, Bhubaneshwar, and New Delhi later the trial will extends to Ahmedabad, Gangtok, Guwahati, Hyderabad, Indore, Kochi, Lucknow, Patna, Shimla.<\/p>\n<p><strong>What is (e\u20b9-R)\u00a0 <\/strong><\/p>\n<p>RBI said that the value of the Digital currency will be same as the value of Coins and Paper Currency. The Digital Rupee introduced as Digital Token which represents legal tender distributed among intermediaries like banks&#8217;-rupee will be stored on mobile phones and other devices to access easily. Digital rupee transactions can be executed by a digital wallet offered by participating banks.\u00a0 Eight banks have been identified for this trial by the Reserve Bank of India.<\/p>\n<p><strong>First phase <\/strong><\/p>\n<p>The central bank (RBI) began its first phase with the State Bank of India, Yes Bank, ICIC Bank, and IDFC Bank. Banks like HDFC Bank, Union Bank, Bank of Baroda Bank, Kotak Mahindra Bank will also join gradually. After that the scope will be expanded to include more banks, users, locations.<\/p>\n<p>Also Read: <a href=\"https:\/\/todaysnews.in\/daily-updates\/elon-musk-introduce-new-features-on-twitter-increased-character-and-different-color-for-checkmarks\/\">Elon Musk Introduce New Features On Twitter: Increased Character and Different Color for Checkmarks<\/a><\/p>\n<p>(e\u20b9-R) will offer an aspect of physical cash such as trust, safety, and settlement which means remains the same and couldn\u2019t be changed in other forms such as money or deposits with banks<\/p>\n<p><strong>\u00a0<\/strong><strong>What is P2P and P2M<\/strong><\/p>\n<p>Digital rupee transactions can be done by both for a <strong>Person-to-Person<\/strong> and <strong>Person-to-Merchant<\/strong>. Hence it is stated that payment to the merchant could be made using a QR (Quick Response) code displayed at merchant locations.<\/p>\n<p>Additionally, the pilot will test the robustness of the entire process of digital rupee creation, distribution and retail usage in real time.\u00a0 Different features and applications of retail digital token <a href=\"https:\/\/en.wikipedia.org\/wiki\/Digital_Rupee\">(e\u20b9-R<\/a>) and architecture will be tested in future pilots based on learning of this pilot.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gleeful news for those who are eagerly waiting for digital tokens. The Reserve Bank of India prepared for the first pilot Digital Rupee (e\u20b9-R) in<\/p>\n","protected":false},"author":1,"featured_media":26998,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[48],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>rbi-launched-retail-digital-rupee-on-1st-december2022-the-digital<\/title>\n<meta name=\"description\" content=\"Gleeful news for those who are eagerly waiting for digital tokens. 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