India to launch its own digital currency announces Reserve Bank of India

India to get its digital currency soon, RBI Deputy Governor said that the time for Central Bank's digital currency is over. Central Bank Digital Currencies (CBDC) are desirable not just for the benefits they create in payment systems but also might be necessary to protect the general public in an environment of volatile private virtual currencies. Instead of getting cash, digital currencies will be deposited in digital wallets. It will be the same as the amount of money in one's bank account. It will be exchangeable; the only difference will be the money's form. Unlike the payments made via different applications on our gadgets with the cash already present in our bank accounts, digital currency cannot be withdrawn as coins or notes. Just like many other countries, India is now going to launch its own digital currency in order to reduce the number of actual money transactions as much as feasible.

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