Introduction Of e₹ Rupi
The Government has to keep a track whether the money is being used for the purpose for which the money is being given or not. So its solution has now really come. CBDC i.e. Central Bank Digital Currency, which nowadays we are also hearing in the news by the name of Digital Rupee or e Rupee, so today in this blog we understand what is the e₹ Rupi? Is it safe? Why has the Government brought this? What are its uses? What's the advantage? How it is going to make your life easier. The last time when the government did something related to digital transactions, it was UPI and it changed the lives of all of us. UPI is a game changer, so what is this digital rupee now? Is this going to change our lives in the same way and how is Digital Rupee different from UPI? What are its users? Know all this and much more in this blog, So let's start this blog.
What Is The e₹ Rupi In India
e-Rupee is a cashless and contact-less mode of payment of the issuer that will be delivered to the beneficiary through QR code or SMS sting-based e-voucher. E-Rupee provides the facility of connecting the users of the services with their beneficiaries and service providers without any physical interface.
So UPI is basically between two banks. You made the payment in a bank where you have an account. Debited your bank account, money came to the seller's account where you made the payment and UPI is a medium through which rupees are being exchanged in ledger form, so UPI basically came to make RTGS and IMPS easier because In that you had to remember the bank details. Account number IFSC code and don't know what to do if you don't have to do that? So how to make digital transfers easier from phone or from a simple email ID like UPI ID? On the other hand, The Digital Currency is coming to eliminate the problems in physical notes. Like today when you keep physical notes then what is the problem if your wallet gets stolen. What will happen if the money is stolen, those fake notes of money are printed. What will happen to the duplicate note?
Why is the Government bringing e-rupees?
Today, if the government prints a 500 to 2000 note. Now the government does not print Rs 2000 notes. But whenever it is printed, it is not written for whom or for what use it is, then the government wants it to go to a farmer or it goes to a laborer under the Pradhan Mantri Rozgar Yojana. But is he going or not? Don't know what? But if the government, say RBI, gives you one, and if you are a laborer, farmer or anyone, you have to get payment from the government, and when RBI sends that money to you, it should be written in it, then for what purpose? Is it for and who is it for?
For example, its cases are not well defined, but I am making the example easier for you to understand, so that money will not be misused, it is just like real money but its purpose is defined. To whom it will be received and for what it will be received is defined. If that happens, then its misuse will reduce. So this is a major use case. Apart from this.
How is e₹ Rupi different from UPI?
We understand its differentiation that how it is different from UPI. In UPI, no two bank accounts between which the transaction is taking place, they maintain records. But digital rupee has nothing to do with bank. Could be an infection. Your bank doesn't have it, even if it doesn't, you have digital money because its records are not maintained directly by RBI, like physical cash, your bank doesn't know how much cash a person has. Your friend gave you ₹ 200 cash. If you do not deposit it in the bank, then the bank will not know that the money is with you. One ₹1 of UPI is going to be known to your bank.
In the same way, if RBI has given any money in your wallet, that wallet was directly given to you by RBI, like BHIM UPI app was created by the government, like DigiLocker was created by the government. By the way, if an app comes on your mobile, which the government or RBI gives you directly and gives you money in it. Digital note so the bank will have nothing to do with it. Neither is there a lot of cost involved in UPI. Two bank transactions, payment gateway, ledger is a lot of cost. Like no one earns money in UPI or like before, all in losses. Not that all the intermediaries end in this. RBI gave you the money. Now you can do whatever you want with that money, there is no intermediary, there are many institutions involved in UPI as well, just like I give a note to my friend. Similarly, I will have many types of notes in the app, 100, 200, 50. The note that I want to give to my friend or the person from whom I am shopping, I give that note to him. Chiller, I should take back the digital note or physical note from him as I want. There is no intermediary involved.
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How To Work e₹ Rupi ?
This system will work in Blockchain. Do not be afraid, it is not like crypto. Will not be very volatile. It is on the blockchain but it will not move up and down like crypto. As soon as your ₹ 200 note will be of 200 the next day. 80 90 percent crash will not happen because this is RBI control. The normal cryptos are decentralized. Market demand supply decides its price but it will remain under the control of RBI and RBI will keep monitoring it. That's why it is as safe as physical money.
Why is the government trying to bring this?
For two reasons. The first cash handling charges would have cost thousands of crores of rupees in printing the note. You can see the cost of printing each note below.
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| Source: India Today |
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| Source: The Hindu |
It is known that we have gone ahead of the world in UPI. No one has such a good system and that's why now other countries also want to implement UPI system from India in their countries, then UPI was successful because it was ahead of others.
I hope you have liked this blog. If yes, then definitely share this blog with your friends and family members, especially with your parents, because neither the same people are outdated about technology. Mostly it is most important for them to be updated with technology so that they can feel more confident, then definitely share this blog in your own family groups.
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FAQs Of e₹ Rupi
What Is The e₹ Rupi?
eRupi is a cashless and contactless mode of payment regulated by the RBI
How is e₹ Rupi different from UPI?
e₹ Rupi different from UPI because in UPI money transaction is done between two banks but in e₹ Rupi this transaction will happen between two wallets where bank has no work.
How To Work e₹ Rupi ?
This system will work in Blockchain. Do not be afraid, it is not like crypto. Will not be very volatile. Because this is RBI control
Is e₹ Rupi a cryptocurrency?
It is not like crypto. Will not be very volatile. It is on the blockchain but it will not move up and down like crypto. As soon as your ₹ 200 note will be of 200 the next day. 80 90 percent crash will not happen because this is RBI control.
Is e₹Rupee safe?
Yes, e₹ rupee is 100% safe because whatever money RBI has given in your wallet, that wallet was directly given to you by RBI, like BHIM UPI app was made by Govt