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Current Affairs

ECONOMY

1. Central Bank Digital Currency

Current Context: The Reserve Bank of India (RBI) is planning to introduce the e-Rupee or the Central Bank Digital Currency (CBDC) to the call money market, thereby making transactions and payment settlements in a more transparent and speedy manner. 

About:

  • CBDC can be recognized as a digital version of fiat money, issued, backed and regulated by a central bank.
  • Central bank Digital Currency is similar to that of cryptocurrency as both operate through blockchain technology. 
  • However, the basic difference is that CBDC is backed by the government and thus, it has the status of "legal tender” as that of fiat currency unlike the cryptocurrencies and cryptoassets that are decentralized in nature because they lack any guaranty mechanism from any central bank and they function in an unregulated environment.
  • It is interchangeable one-to-one with fiat currency and its value is same as that of the later. Just like fiat currency, CBDC is also a liability for RBI.
  • The digital fiat currency or CBDC can be transacted using wallets backed by blockchain.

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ECONOMY | Current Affairs