Forward from: UPSC Civil Services Upsc Prelims Mains Exam Current Affairs GS Gk Tricks SSC CGL IAS IFS IPS EPFO PCS UPPCS MPPCS Bihar PCS
🔴 What is a Central Bank Digital Currency (CBDC) ?
👉CBDC is a legal tender issued by a central bank in a digital form.
👉 It is similar to a fiat currency issued in paper and is interchangeable with any other fiat currency
🔴 What is the need for CBDC?
👉 the goal is to provide users with convenience and security of digital as well as the regulated, reserve-backed circulation of the traditional banking system.
🔴 What does this change for citizens?
👉 There are several models proposed by technology experts and evangelists on how the Digital Rupee could be transacted but a formal announcement by the Reserve Bank of India will likely detail how the Digital Rupee will be transacted by citizens.
♦️One chief difference will be that a Digital Rupee transaction will be instantaneous as opposed to the current digital payment experience.
@UPSCMainsZone
👉CBDC is a legal tender issued by a central bank in a digital form.
👉 It is similar to a fiat currency issued in paper and is interchangeable with any other fiat currency
🔴 What is the need for CBDC?
👉 the goal is to provide users with convenience and security of digital as well as the regulated, reserve-backed circulation of the traditional banking system.
🔴 What does this change for citizens?
👉 There are several models proposed by technology experts and evangelists on how the Digital Rupee could be transacted but a formal announcement by the Reserve Bank of India will likely detail how the Digital Rupee will be transacted by citizens.
♦️One chief difference will be that a Digital Rupee transaction will be instantaneous as opposed to the current digital payment experience.
@UPSCMainsZone