![]() The Reserve Bank of India has launched its pilot in 2022 and thus marked a new milestone for digital payments. This e-rupee is in the form of a digital token which represents legal tender in India. With the advent of smartphones and rise of digital payment systems, India has also rolled out its own CBDC, known as e-rupee (e₹-R). ![]() They describe it as a “multiyear research project to explore the CBDC design space and gain a hands-on understanding of a CBDC’s technical challenges and opportunities.” India’s E-Rupee Launch financial system.Ĭurrently, the Federal Reserve Bank of Boston and the Massachusetts Institute of Technology’s Digital Currency Initiative are jointly conducting research into a CBDC through Project Hamilton. Federal Reserve issued a report earlier this year that “a CBDC could fundamentally change the structure of the U.S. Some places CBDC is already available include the Central Bank of The Bahamas (Sand Dollar), the Eastern Caribbean Central Bank (DCash), the Central Bank of Nigeria (e-Naira) and the Bank of Jamaica (JamDex), to name just a few.Įven The U.S. But as of 2022, only a handful of countries and territories have CBDC or have concrete plans to issue them. More than 100 countries are exploring CBDCs at one level or another, according to the IMF. What Is a Central Bank Digital Currency (CBDC)?Ī central bank digital currency is a digital currency that is issued and overseen by a country’s central bank. According to CoinMarketCap, there are more than 9,000 cryptocurrencies available. ![]() There are three main varieties of digital currency: cryptocurrency, stablecoins and central bank digital currency, known as CBDCs.īlockchain technology, which provides the foundation for cryptocurrency, is the most common form of distributed ledger used by digital currencies. Digital currency, however, never leaves a computer network, and it is exchanged exclusively via digital means. You can go to an ATM right now and easily transform the electronic record of your currency holdings into physical dollars. Please invest carefully, your capital is at risk ![]()
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