Digital rupee: A step closer to cashless economy

As debate on cryptocurrency's legal acceptability continues, the Reserve Bank of India (RBI), with government backing, has piloted the launch of India's sovereign digital currency, which will have a legal status, ensuring financial inclusion. Unlike cryptos that are not equivalent to sovereign currency, the central bank digital currency (CBDC) has been used for wholesale & retail segment use-cases – for peer-to-peer (P2P) and for peer-to-merchant (P2M) transactions. Owing to this, digital rupee is far more acceptable as instrument of domestic and global payment settlement as well to organisations, companies, financial services. Appetite for digital currency Post demonetisation, digitisation of payments…