The first is that it is a cryptocurrency created by a country’s central bank, however I personally do not believe E-rupee is identical to any other cryptocurrency.The foundation on which crypto was introduced was to decentralise the currency, but it has now become just a source of investment. According to pib.gov, it is not a cryptocurrency in any way, nor is the Reserve Bank of India attempting to promote it as one ( a website of the ministry of finance) E-rupee is essentially a digital voucher that a beneficiary receives in the form of an SMS or QR code on his phone.
Courtesy: InventivaIt is a pre-paid voucher that he or she can use at any centre that accepts it. The second may utilise it as a source of investment and earn money from it in India, but the RBI’s aim is on the opposite side, which is to make it useful for both users and service providers.According to the website pib.gov.in, E-rupee is intended to play a significant role in enhancing and increasing the transparency of Direct-Benefit Transfer. Because there is no need for physical voucher issuing, there will be some cost reductions as well. So clearly, E-rupee is being introduced for a different purpose than providing investors with another venue to invest, however it remains to be seen whether E-rupee can deliver on its claims.We can only wait and see what the future of this E-Rupee will be, but it will undoubtedly be quite exciting.
