{"id":124807,"date":"2024-08-05T19:56:01","date_gmt":"2024-08-05T14:26:01","guid":{"rendered":"https:\/\/pwonlyias.com\/stage\/?post_type=current-affairs&#038;p=124807"},"modified":"2025-02-13T15:58:41","modified_gmt":"2025-02-13T10:28:41","slug":"digital-rupee","status":"publish","type":"current-affairs","link":"https:\/\/pwonlyias.com\/stage\/current-affairs\/digital-rupee","title":{"rendered":"Digital Rupee"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">A total of 134 countries and currency unions, representing 98% of the global GDP, are currently investigating the potential o<\/span>f <b><a href=\"https:\/\/pwonlyias.com\/stage\/udaan\/cryptocurrency-central-bank-digital-currencies-future\/\">Central Bank Digital Currencies (CBDCs)<\/a>.<\/b><\/p>\n<h2><span style=\"font-size: 18pt;\"><b>India&#8217;s Initiative\u00a0<\/b><\/span><\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-124788 alignright\" src=\"https:\/\/pwonlyias.com\/stage\/wp-content\/uploads\/2024\/08\/54-66b0dc83127d7.webp\" alt=\"Digital Rupee \" width=\"452\" height=\"274\" srcset=\"https:\/\/pwonlyias.com\/stage\/wp-content\/uploads\/2024\/08\/54-66b0dc83127d7.webp 882w, https:\/\/pwonlyias.com\/stage\/wp-content\/uploads\/2024\/08\/54-66b0dc83127d7-300x182.webp 300w, https:\/\/pwonlyias.com\/stage\/wp-content\/uploads\/2024\/08\/54-66b0dc83127d7-768x466.webp 768w\" sizes=\"(max-width: 452px) 100vw, 452px\" \/><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The <a href=\"https:\/\/pwonlyias.com\/stage\/reserve-bank-of-india-rbi\/\">Reserve Bank of India (RBI)<\/a> has been proactive, launching a pilot project for the &#8216;digital rupee&#8217; in late 2022.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Types of Digital Rupee<\/b>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><b>CBDC-W (Wholesale)<\/b><span style=\"font-weight: 400;\">: For settling secondary market transactions.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><b>CBDC-R (Retail)<\/b><span style=\"font-weight: 400;\">: A digital version of fiat money, serving as a direct liability of RBI, unlike UPI, which involves commercial banks.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h2><span style=\"font-size: 18pt;\"><b>About Central Bank Digital Currencies (CBDCs)<\/b><\/span><\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-124966 alignright\" src=\"https:\/\/pwonlyias.com\/stage\/wp-content\/uploads\/2024\/08\/unnamed-53-1-66b22a1a6b5aa.webp\" alt=\"Digital Rupee\" width=\"403\" height=\"223\" srcset=\"https:\/\/pwonlyias.com\/stage\/wp-content\/uploads\/2024\/08\/unnamed-53-1-66b22a1a6b5aa.webp 1362w, https:\/\/pwonlyias.com\/stage\/wp-content\/uploads\/2024\/08\/unnamed-53-1-66b22a1a6b5aa-300x166.webp 300w, https:\/\/pwonlyias.com\/stage\/wp-content\/uploads\/2024\/08\/unnamed-53-1-66b22a1a6b5aa-1024x567.webp 1024w, https:\/\/pwonlyias.com\/stage\/wp-content\/uploads\/2024\/08\/unnamed-53-1-66b22a1a6b5aa-768x425.webp 768w\" sizes=\"(max-width: 403px) 100vw, 403px\" \/><\/p>\n<p>\u00a0<\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">A Central Bank Digital Currency (CBDC) is a digital form of <\/span><b>fiat money<\/b><span style=\"font-weight: 400;\"> issued by a central bank.<\/span>\n<ul>\n<li><span style=\"font-weight: 400;\">It is also known as the<\/span><b> digital fiat currency or digital base money.\u00a0<\/b><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">It is distinct from cryptocurrencies and virtual currencies as it is centrally controlled.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">It can be considered a liability of the central bank, similar to physical banknotes and coins.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: center;\"><span class=\"vc_button\"><a href=\"https:\/\/www.pw.live\/batches\/upsc?utm_source=seo+upsc+batch&#038;utm_medium=seo+upsc&#038;utm_campaign=seo&#038;utm_id=upsc\" target=\"_blank\" rel=\"noopener\">Enroll now for UPSC Online Course<\/a><\/span><\/p>\n<ul>\n<li aria-level=\"1\">\n<h3><span style=\"font-size: 16pt;\"><b>Characteristics of Central Bank Digital Currency (CBDC)<\/b><\/span><\/h3>\n<ul>\n<li><b>Digital Counterpart to Fiat Money:<\/b>\n<ul>\n<li><span style=\"font-weight: 400;\">CBDCs function as digital equivalents to traditional fiat currencies, fulfilling the roles of payment, unit of account, and store of value, similar to paper banknotes.<\/span><\/li>\n<\/ul>\n<\/li>\n<li><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-124790 alignright\" src=\"https:\/\/pwonlyias.com\/stage\/wp-content\/uploads\/2024\/08\/56-66b0dc8126d2c.webp\" alt=\"Digital Rupee \" width=\"451\" height=\"316\" srcset=\"https:\/\/pwonlyias.com\/stage\/wp-content\/uploads\/2024\/08\/56-66b0dc8126d2c.webp 922w, https:\/\/pwonlyias.com\/stage\/wp-content\/uploads\/2024\/08\/56-66b0dc8126d2c-300x210.webp 300w, https:\/\/pwonlyias.com\/stage\/wp-content\/uploads\/2024\/08\/56-66b0dc8126d2c-768x538.webp 768w\" sizes=\"(max-width: 451px) 100vw, 451px\" \/><b>Unique Identifiability:<\/b>\n<ul>\n<li><span style=\"font-weight: 400;\">Each unit of CBDC is uniquely identifiable, ensuring security and preventing counterfeiting.<\/span><\/li>\n<\/ul>\n<\/li>\n<li><b>Part of the Base Money Supply:<\/b>\n<ul>\n<li><span style=\"font-weight: 400;\">CBDCs are considered part of the base money supply, similar to physical currency, and represent a liability of the central bank.<\/span><\/li>\n<\/ul>\n<\/li>\n<li><b>Digital Bearer Instrument:<\/b>\n<ul>\n<li><span style=\"font-weight: 400;\">CBDCs can be stored, transferred, and transmitted across various digital payment systems and services, independent of the specific system used for transactions.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<li aria-level=\"1\">\n<h3><span style=\"font-size: 16pt;\"><b>Implications for Commercial Banks<\/b><\/span><\/h3>\n<ul>\n<li><b>Lower Commissions: <\/b><span style=\"font-weight: 400;\">Potentially lower commission fees due to the streamlined nature of digital transactions.<\/span><\/li>\n<li><b>Reduced Customer Data-Selling: <\/b><span style=\"font-weight: 400;\">Less opportunity for commercial banks to sell customer data.<\/span><\/li>\n<li><b>Deposit and Credit Policies: <\/b><span style=\"font-weight: 400;\">Changes in deposit accumulation and credit policies due to higher funding costs.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-124791\" src=\"https:\/\/pwonlyias.com\/stage\/wp-content\/uploads\/2024\/08\/57-66b0dc80d0bad.webp\" alt=\"Digital Rupee \" width=\"701\" height=\"380\" srcset=\"https:\/\/pwonlyias.com\/stage\/wp-content\/uploads\/2024\/08\/57-66b0dc80d0bad.webp 1146w, https:\/\/pwonlyias.com\/stage\/wp-content\/uploads\/2024\/08\/57-66b0dc80d0bad-300x163.webp 300w, https:\/\/pwonlyias.com\/stage\/wp-content\/uploads\/2024\/08\/57-66b0dc80d0bad-1024x555.webp 1024w, https:\/\/pwonlyias.com\/stage\/wp-content\/uploads\/2024\/08\/57-66b0dc80d0bad-768x416.webp 768w\" sizes=\"(max-width: 701px) 100vw, 701px\" \/><\/p>\n<p style=\"text-align: center;\"><span class=\"vc_button\"><a href=\"https:\/\/store.pw.live\/govt-entrance-exams\/upsc-books?utm_source=SEO&#038;utm_medium=PW+Live&#038;utm_campaign=UPSC+CSE+Books\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Check Out UPSC CSE Books From PW Store<\/span><\/a><\/span><\/p>\n<h2><span style=\"font-size: 18pt;\"><b>Cryptocurrency vs. Central Bank Digital Currency (CBDC)<\/b><\/span><\/h2>\n<table style=\"width: 100%;\">\n<tbody>\n<tr>\n<td style=\"text-align: center; width: 19.6787%; border-style: solid; border-color: #000000;\"><b>Feature<\/b><\/td>\n<td style=\"text-align: center; width: 32.9317%; border-style: solid; border-color: #000000;\"><b>Cryptocurrency<\/b><\/td>\n<td style=\"text-align: center; width: 47.1826%; border-style: solid; border-color: #000000;\"><b>Central Bank Digital Currency (CBDC)<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 19.6787%; border-style: solid; border-color: #000000;\"><b>Issuance and Regulation<\/b><\/td>\n<td style=\"width: 32.9317%; border-style: solid; border-color: #000000;\"><span style=\"font-weight: 400;\">Decentralized, no central authority<\/span><\/td>\n<td style=\"width: 47.1826%; border-style: solid; border-color: #000000;\"><span style=\"font-weight: 400;\">Issued and regulated by a central bank<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 19.6787%; border-style: solid; border-color: #000000;\"><b>Value Stability<\/b><\/td>\n<td style=\"width: 32.9317%; border-style: solid; border-color: #000000;\"><span style=\"font-weight: 400;\">Highly volatile<\/span><\/td>\n<td style=\"width: 47.1826%; border-style: solid; border-color: #000000;\"><span style=\"font-weight: 400;\">Stable, equivalent to fiat currency<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 19.6787%; border-style: solid; border-color: #000000;\"><b>Legal Status<\/b><\/td>\n<td style=\"width: 32.9317%; border-style: solid; border-color: #000000;\"><span style=\"font-weight: 400;\">Not considered legal tender in most countries<\/span><\/td>\n<td style=\"width: 47.1826%; border-style: solid; border-color: #000000;\"><span style=\"font-weight: 400;\">Considered legal tender, backed by government<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 19.6787%; border-style: solid; border-color: #000000;\"><b>Anonymity and Privacy<\/b><\/td>\n<td style=\"width: 32.9317%; border-style: solid; border-color: #000000;\"><span style=\"font-weight: 400;\">High degree of anonymity (though public ledger)<\/span><\/td>\n<td style=\"width: 47.1826%; border-style: solid; border-color: #000000;\"><span style=\"font-weight: 400;\">Transactions monitored by central bank<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 19.6787%; border-style: solid; border-color: #000000;\"><b>Purpose and Use<\/b><\/td>\n<td style=\"width: 32.9317%; border-style: solid; border-color: #000000;\"><span style=\"font-weight: 400;\">Investment, trading, alternative payment<\/span><\/td>\n<td style=\"width: 47.1826%; border-style: solid; border-color: #000000;\"><span style=\"font-weight: 400;\">Financial inclusion, reduced transaction costs, efficient payments<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 19.6787%; border-style: solid; border-color: #000000;\"><b>Technology<\/b><\/td>\n<td style=\"width: 32.9317%; border-style: solid; border-color: #000000;\"><span style=\"font-weight: 400;\">Decentralized blockchain<\/span><\/td>\n<td style=\"width: 47.1826%; border-style: solid; border-color: #000000;\"><span style=\"font-weight: 400;\">Can use centralized or decentralized technology, but controlled by central bank<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2><span style=\"font-size: 18pt;\"><b>Benefits of CBDC<\/b><\/span><\/h2>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Financial Inclusion: <\/b><span style=\"font-weight: 400;\">CBDC aims to expand access to digital financial services, particularly for those without bank accounts.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Enhanced Payments: <\/b><span style=\"font-weight: 400;\">Improves the efficiency and speed of digital payments, including cross-border transactions.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>System Resilience: <\/b><span style=\"font-weight: 400;\">CBDC can operate independently of commercial banks, making the payment system more robust.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Economic Growth: <\/b><span style=\"font-weight: 400;\">Increased financial inclusion can contribute to economic growth.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Global Integration: <\/b><span style=\"font-weight: 400;\">CBDC can facilitate cheaper and faster international payments, benefiting India as a major remittance recipient.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>International Collaboration: <\/b><span style=\"font-weight: 400;\">Participation in global CBDC projects can foster interoperability and cooperation.<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-size: 18pt;\"><b>Challenges in Implementing CBDC<\/b><\/span><\/h2>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Security and privacy:<\/b><span style=\"font-weight: 400;\"> Safeguarding user data and preventing unauthorized access to CBDC wallets are paramount concerns. Striking a balance between privacy and security is essential to build trust among users.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Scalability:<\/b><span style=\"font-weight: 400;\"> CBDCs need to handle a large volume of transactions efficiently, especially during peak times. Ensuring the system can scale to meet increasing demand is vital for its success.<\/span><\/li>\n<li><b>Lack of perceived value proposition:<\/b><span style=\"font-weight: 400;\"> For users to switch from existing payment methods, CBDCs need to offer clear benefits such as lower fees, faster transactions, or additional features.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Monetary policy implications:<\/b><span style=\"font-weight: 400;\"> CBDCs could affect the effectiveness of monetary policy tools. Central banks need to carefully consider how to manage these implications.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Mitigating Cybersecurity Risks:<\/b><span style=\"font-weight: 400;\"> Protecting against hackers trying to steal funds or personal data.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Building Public Trust and Education:<\/b><span style=\"font-weight: 400;\"> Gaining public trust and informing people about the benefits and security of CBDCs to overcome resistance to digital currency.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: center;\"><span class=\"vc_button\"><a href=\"https:\/\/www.pw.live\/batches\/upsc\/pw-only-ias?utm_source=seo+upsc+batch&#038;utm_medium=seo+upsc&#038;utm_campaign=seo&#038;utm_id=upsc\" target=\"_blank\" rel=\"noopener\">Enroll now for UPSC Online Classes<\/a><\/span><\/p>\n<h2><span style=\"font-size: 18pt;\"><b>Way Forward<\/b><\/span><\/h2>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Address Privacy and Security<\/b><span style=\"font-weight: 400;\">: The RBI must tackle privacy and security concerns to encourage widespread adoption.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Establish Regulatory Standards<\/b><span style=\"font-weight: 400;\">: Uniform standards for security, privacy, anonymity, and grievance redressal are necessary.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Promote Interoperability<\/b><span style=\"font-weight: 400;\">: Enhancing interoperability and offering additional functionalities could incentivize users to adopt the digital rupee.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>International Cooperation<\/b><span style=\"font-weight: 400;\">: To fully leverage CBDCs for cross-border payments and remittances, India must engage in global CBDC projects once a comprehensive regulatory framework is in place.<\/span><\/li>\n<\/ul>\n<table style=\"width: 100.021%;\">\n<tbody>\n<tr>\n<td style=\"width: 137.915%; 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