RBI will soon launch its own digital Currency

Tech news sites » RBI will soon launch its own digital Currency

Once again digital currency is in the news because the Reserve bank of India also preparing to launch its own digital currency. According to RBI’s reliable sources, by the end of this year, RBI can launch its digital currency. Currently, RBI working on this strategy. As a pilot project, it will be launch for wholesale and Retail sectors.

This digital currency is not the same as a cryptocurrency because the central bank will regulate it.

Digital currency is a type of currency that is used for electronic or digital platforms. we can also call it digital money or electronic currency. it is not in the physical form.

In today’s, digital or e-commerce world it is very useful. In this system, you don’t need any bank account or any wallet; it works like cash but in an electronic way.

Its full name is central bank digital currency. Whichever country launches this currency is regulated by its central bank.

What is a cryptocurrency and How its different from Digital currency?

cryptocurrency or crypto is a type of digital currency. It has no physical form. it is an online and digit-based currency. Cryptocurrencies are private.cryptocurrency is regulated by a group or majority of the community, not by any country or its central bank. cryptocurrency works in a decentralized manner.

Examples of cryptocurrency: Bitcoin, Litecoin, Ethereum, Ripple, Faircoin, Dogecoin, etc.

Although crypto is a digital currency there is a slight difference between the two.

A digital currency is regulated by a country’s central bank but a country or bank has no control over cryptocurrency.

Digital currencies which are controlled by and the central bank are more reliable than cryptocurrency.

Most Cryptocurrencies are transparent because anyone can see all transactions but digital currencies are not transparent. In digital currency, you are not able to see all transactions.

Digital currencies are more secure than cryptocurrencies such as bitcoin.

Priyam Sengar

Priyam Sengar is a writer, artist, and inspirationalist, she is passionate about technology and gadgets, after completing her master's in computer she started her carrier in Information technology.

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