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Official Digital Currency-China

Official Digital Currency-China Part of: GS-III- Digital currency (PT-MAINS-PERSONALITY TEST) Recently, China has started testing its official digital currency which is unofficially called “Digital Currency Electronic Payment, DC/EP”. Imp Points The digital currency of China has not been officially released but internal pilot tests are being carried out in four cities of China. China is expected to officially make the sovereign digital currency availab

Digital currency plan, made in China

Notes on a digital currency plan, made in China By, Partha Ray is Professor of Economics at the Indian Institute of Management Calcutta. Santanu Paul is Co-founder and CEO of TalentSprint, an edtech company Introduction While the world is grappling with the fallout of COVID-19 and speculating on how far China can be blamed for the pandemic, a silent digital revolution is taking place in China. On April 29, 2020, the People’s Bank of China (PBoC), the country’s central ban

Cryptocurrency

Cryptocurrency Context The government intends to bring in a law on cryptocurrencies to put an end to the existing ambiguity over the legality of these currencies in India. The government has, suggested that it does not consider them to be legal tender. What is Bitcoin?   Bitcoin is a type of digital currency that enables instant payments to anyone. Bitcoin was introduced in 2009. Bitcoin is based on an open-source protocol and

RBI plans to introduce Central Bank Digital Currency (CBDC)

RBI plans to introduce Central Bank Digital Currency (CBDC) The Reserve Bank of India is likely to soon kick off pilot projects to assess the viability of using digital currency to make wholesale and retail payments to help calibrate its strategy for introducing a full-scale Central Bank Digital Currency (CBDC). India is already a leader in digital payments, but cash remains dominant for small-value transactions, he said, stressing that an official digital currency would reduce the cost

Digital Currency

Digital Currency Over 7% of India's population possessed digital currency in 2021, according to a recent report by the United Nations Trade and Development Body (UNCTAD). Additionally, India was rated eighth in terms of population ownership of digital currencies among the top 20 economies worldwide. Image Source - Techcabal HIGHLIGHT When it comes to the percentage of the population that owns cryptocurrency, developing nations made up 15 of the top 20 economies. O

Central Bank Digital Currency UPSC

Central Bank Digital Currency- UPSC According to a recent report, the Reserve Bank of India's (RBI) Central Bank Digital Currency (CBDC) may be implemented gradually, starting with wholesale enterprises during the current fiscal year. Major Points The budgetary speech said that the CBDC would be introduced by the central bank in the 2022–23 fiscal year. The attitude of the RBI is that it has consistently opposed private digital currencies and has asked the government

Ethereum Merger

Ethereum Merger The second-most valued cryptocurrency in the world, Ethereum, just underwent a substantial software upgrade. About: Ethereum redesign: This process is referred to as "The Merge." It will do away with the requirement for cryptocurrency miners and massive mining farms, which previously powered the blockchain through a system known as "proof-of-work" (PoW). In its place, a "proof-of-stake" (PoS) mechanism has been adopted, which rand

Proposed Digital Rupee by RBI

Proposed Digital Rupee by RBI E-rupee (e'), also known as Central Bank Digital Currency (CBDC) or digital rupee, will shortly be launched as a limited pilot program by the Reserve Bank of India (RBI) for particular use cases. For various transactions, it has alluded to the use of two main kinds of e-rupee: retail and wholesale. Describe e-rupee. Definition: The central bank's digital version of currency notes is known as the CBDC, according to RBI. The central bank

Digital Rupee

Digital Rupee The first pilot in the Digital Rupee, Wholesale segment according to the Reserve Bank of India (RBI), will start on November 1st, 2022. The first trial in the Digital Rupee - Retail category will debut in a month in a few key areas with closed user groups made up of consumers and retailers. Describe Digital Rupee. A digital version of currency notes produced by a central bank is known as a Central Bank Digital Currency (CBDC) or Digital Rupee. It is a digit

Har Payment Digital Mission

Har Payment Digital Mission The Reserve Bank of India (RBI) has started a new initiative called "Har Payment Digital" as part of its aim to get every Indian using digital payments. The campaign, which was started during Digital Payments Awareness Week, aims to increase awareness of how simple and convenient digital payments are while also bringing on new users. Also, the Central Bank has launched a project to adopt 75 villages and provide them with the ability to accept digit

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