Up to now, the digital currency or eRupee of intermediary banks can not be converted into cash, nor can cash be converted into eRupee. India's reserve bank will sell rupees only to users who have deposits with the bank.
According to the Bank of India, the progress of the eRupee pilot project has been very successful. The pilot new project is only open to closed groups, and the number of users has been gradually increasing. Anui Lanzhan, general manager of the Internet Finance Department of the Bank of India, said at an event of the Indian Chamber of Commerce that the central bank would bear the costs related to the rupee because it was for more collective interests. He said it would be credited to the Reserve Bank of India's debt, just like a loan currency.
Ajayi Rajan, head of trading banking at Yes Bank, points out that customers can download digital wallets at Apple Store and Google Play Store. Only bank customers whose SIM card number is associated with a bank account can do so, he added. In addition, after assembling the wallet, customers can add digital currency from all banks.
Please also refer to:DCG Media House CoinDesk explores potential sales at a time when the crisis is getting worse.
Rajan added that cash payments are free, but stores should settle cash with cash management companies to deal with paper money. Several, such as Reliance Retail, Natural Ice Cream and oil companies, have signed up to accept eRupee payment.
The data rupee made its debut on December 1, 2022. The pilot is now being carried out at four popular banks in Mumbai, Calcutta, Bubanishti and the Indian capital. The purpose of the pilot is to master the scalability of the establishment, immediate use and distribution of eRupee. As the Reserve Bank of India explains, other functions will eventually be added. In the second phase of the pilot, more banks and other regions will also be added. The Reserve Bank of India said earlier that because gold is a digital currency, it will make buying and selling easier, faster and cheaper.
Please also refer to:The Binance related to the trading center is tested for money laundering
Polkadot was launched in May 2020. In a market dominated by Bitcoin and Ethereum, it quickly established itself as the next generation blockchain. The scale and interoperability problems limit Bitcoin's ability to transfer value without the assistance of
For some newcomers to the currency circle, they are not familiar with the investment in the currency circle, and their understanding of the special currency is not very deep. Therefore, they may be at a loss in the choice of investment methods. Many inves
Lummis is a well-known crypto advocate on Capitol Hill with over $100,000 in crypto.
Several analysts argue that shrimp accumulation is good for the Bitcoin network because it makes the asset more decentralized over time.
ARK Invest filed for a spot Bitcoin ETF in collaboration with 21Shares long before BlackRock did, and its application is reportedly first in line for the SEC’s approval.
Interestingly, the price surge was on the back of increased activity from whales, as indicated by on-chain data. The increased activity led to an increased"/>
Recent market dynamics have seen Solana struggling to break above the $200 mark. A notable bearish factor among these market fundamentals is the recent"/>
DOGE, the internet's favorite memecoin, is back in the spotlight. Recent data reveals a surge in futures market activity, coupled with bullish technical"/>
The recent stratospheric rise of Bitcoin, reaching a new all-time high of $73,000, has sent ripples of excitement and trepidation through the crypto world."/>
Co-founder of Tornado Cash Roman Storm has filed a motion to dismiss the charges levied against him by the US Department of Justice (DOJ)."/>
On Thursday, March 28, a hack occurred on Prisma Finance, a decentralized lending protocol on the Ethereum network. The exploiter carted away about 3,257.7"/>
Once fully licensed in Dubai, Bybit plans to run a full-scope exchange, offering crypto lending, payments, investment and other services.
Tue, 18 Apr 2023