Want to buy a digital rupee? Struggling to know how to buy a digital rupee. Here you’ve come to the right place. So, first of all, let’s know what is a digital rupee. The digital rupee is also known as e – rupee / electronic rupee. The central bank issues legal tender in digital form as Central Bank Digital Currency (CBDC). It is also interchangeable with money issued by the government and functions just like a fiat currency. Simply put, the digital rupee is identical to a banknote or coin that we use every day, with the exception that it is available digitally.
HOW TO BUY DIGITAL RUPEE/s?
- The Reserve Bank of India launched a digital rupee pilot in 4 cities( Mumbai, Delhi, Banglore and Bhubaneswar ) on December 1, 2022.
- The primary idea to bring digital currency into use is to do away with paper cash eventually and in turn lessen the cost of managing and transporting, paper money.
- The RBI, or the Indian central bank, has chosen eight banks to participate in the phase-by-phase digital rupee pilot programme.
- The first phase will have four banks in the aforementioned four cities: State Bank of India, ICICI Bank, Yes Bank, and IDFC First Bank. Soon, the second phase’s pilot programme will include four additional banks.
- To facilitate transactions, the banks chosen by RBI have launched a digital rupee app. The point to be noted here is that one should not assume cryptocurrency and the digital rupee to be alike.
- So, to conduct transactions and pay with an e-rupee, Quick Response (QR) codes are used. This Quick Response (QR) codes are displayed at various merchant places like stores, malls etc.
- Users can exchange digital money through a bank wallet, kept on a mobile phone or other electronic devices.
- The transaction in digital rupee can happen between person to person (P2P) and person to the merchant (P2M).
WHERE CAN ONE STORE THEIR DIGITAL RUPEES?
A bank-issued electronic wallet can be used to store digital rupees. One can connect his / her current Bank or savings account to this wallet. The wallet is a digital version of your physical wallet, and you can withdraw or put money into it using an existing bank account. Your registered cellphone number or email address with any of the participatory banks will receive an SMS from the bank that contains a link to the e (Digital Rupee) app. To finish the sign-up/registration process, click the link to download and adhere to the step-by-step instructions below:
- After reading and agreeing to the Terms & Conditions, click “Start Registration.” And verify the SIM card.
- Set App PIN; then enter your device’s password (PIN, Face Unlock, or Fingerprint) to confirm your identity.
- Then choose Wallet after entering your name in the box provided.In the first input field, type in your PIN. In the next entry field, confirm your PIN. To continue, select “tick” on the numeric keypad.
- Your screen will read “Wallet Successfully Created.”Then pick Wallet, “Link Bank Account,” and then click on View Wallet Address.
- The sign-up/registration process is finished when a notice stating “Bank Account Linked Successfully” appears. After that, you can now utilise e (Digital Rupee) and profit from CBDC.