what is India's digital currency?

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 These days nearly 60% of the countries are planning to test the infrastructure of digital currency for their countries.Many of the countries has started the trial such as, Sweden, launched its digital currency 'Krona'.

In her budget speech on 1st of February 2022,our finance minister, Mrs Nirmala Sitharaman, has announced that India is going to launch its 'Central Bank digital currency' (CBDC).


 Now, most of you are confuse!!
In this article,you will read about:
* what is CBDC?
* for what cbdc will be used?
*when will it come to the market?
*what are benefits of using cbdc?
*what are risk associated with cbdc?
* does it will replace the physical currency?

What is CBDC?

 The full form of cbdc is 'central bank digital currency'. it is basically a digital token or electric record of country's official currency. It is just the digital form of  Fiat money.


What are functions of central bank digital currency?

 Central Bank digital currency can perform all the functions which are performed by physical currency.such as,
unit of account,
 store of value,
 standard of deferred payment, and
 for exchange.

When will it come to market?

 cbdc is one of the most awaited project of reserve Bank of India. we can expect that it will circulate in market from April 2022.

Is cbdc legal?

 yes, cbdc will be legal tender of money like the physical form of currency.  It will be issued and monitored  by Reserve Bank of India.


What are benefits of cbdc?
there are various benefits with the circulation of digital currency of India:
   1.) It will make the monitoring of black money and corruption easy for the government.
    2.) It will make the transaction of money more easier for people.
    3.)each one of us from businessman to common people,everyone is conscious about the safety of money.So,all of us will get rid of the safety related problems of physical currency.
   4.) With the launch of its digital currency it will make India's hold strong in international economy.
    

What are the risk associated with cbdc?

There is chance of cyber crime and fraud.However, a good cyber security mechanism as well as proper awareness campaigns for citizens can help to reduce this risk.

Another, risk associated with the use of CBDC is creation of a digital divide between digital literate and digitally illiterate citizens.

Does it will replace physical currency?

No, it will not replace physical currency.Instead both will go hand in hand.











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