Synopsis: The payment-voucher system’s (e-RUPI) features make it ideal for programmes aimed at bridging the digital divide in India. How has India progressed wrt digital payment ecosystem? India has emerged as a leader in digital payments, with a manifold increase in such transactions in recent times. There are not many countries that allow digital transactions… Continue reading The e-Rupi could take us a long way towards financial inclusion
Source: This post is based on the article “Adopting crypto assets as currency is a risky bet: IMF” published in Livemint on 31st August 2021. What is the news? The International Monetary Fund (IMF) has warned that adoption of crypto assets such as Bitcoin as national currency can impact a country’s macroeconomic stability. The warning came ahead… Continue reading Adopting crypto assets as currency is a risky bet: IMF
Source: Livemint What is the news? India ranks second in terms of crypto adoption worldwide behind Vietnam, but ahead of countries such as the US, UK, and China, according to the 2021 Global Crypto Adoption Index by blockchain data platform Chainalysis. Findings India was followed by Pakistan and Ukraine at rank three and four respectively.… Continue reading India ranks second in terms of crypto adoption in the world
Source: Business Standard Relevance: CBDC, its potential impact, relevant suggestions Synopsis: The central bank digital currency will neither substitute nor compete with cryptocurrency; it’s just a wallet. An analysis of its inherent problems and a way forward. Background The RBI has been working towards a phased implementation of a central bank digital currency (CBDC) with… Continue reading Everything you want to know about CBDC
Source: Live Mint What is the news? Government of India recently launched e-RUPI which can make welfare payments easier and more efficient, and to an extent looks like the precursor of a Central Bank Digital Currency (CBDC). Must Read: What is e-RUPI and how does it work? What will e-RUPI be used for? The most… Continue reading How e-RUPI can make welfare payments easier?
Source: PIB What is the News? The Prime Minister has launched a digital Initiative named “e-RUPI”. About e-RUPI: e-RUPI is a cashless and contactless instrument for digital payment. It is founded on the Unified Payment Interface(UPI) platform. Purpose: It is designed to be a person and purpose-specific digital payment solution. It seeks to ensure that… Continue reading PM to launch digital payment solution e-RUPI
Relevance: Digital currencies are gaining global attention. Even an inter-ministerial committee (IMC) suggested to introduce National Digital Currency under the RBI. Synopsis: The major countries of the world are planning to issue their respective digital currencies whose success depends on the degree of global acceptance and transferability. Background: Digital Currency is a direct claim on a central bank, like regular cash. FedCoin,… Continue reading A system of shared IDs can globalize digital currencies
News:China has started testing its digital currency named e- RMB in four major Chinese cities. Facts: e-RMB is set to be the first digital currency operated by a major economy. People’s Bank of China (PBOC), the country’s central bank will be the sole issuer of the digital currency. This is part of China’s Digital Currency… Continue reading China tests state-run digital currency in 4 cities amid pandemic