HOW IS E-RUPEE DIFFERENT FROM CASH, UPI, AND CRYPTOCURRENCY?
The e-Rupee is a digital
What is
token that serves as legal
e-Rupee?
tender, and users will be
able to transact with it
via a digital wallet
.............. provided by partner
banks and kept on mobile
phones or devices.
e-Rupee shall be accepted
as a medium of payment,
legal tender and a safe
store of value.
CASH VS E-RUPEE UPI VS E-RUPEE
e-Rupee is UNLIKE E-RUPEE, WHICH IS A CURRENCY,
closest in UPI IS ONLY A PAYMENT SYSTEM WHICH
comparison ALLOWS TRANSFER OF MONEY FROM
to cash. ONE BANK ACCOUNT TO ANOTHER
THROUGH AN INTERMEDIARY.
“UPI/NEFT/RTGS/IMPS ARE ALL FORMS OF
DIGITAL PAYMENTS. E? IS A DIGITAL
FORM OF CURRENCY AND IS A LEGAL
When you pay cash, the
physical note/coin goes from
TENDER PROVIDED BY RBI THAT IS
your wallet to someone else’s. SIMILAR TO PHYSICAL CASH, BUT IN A
Similarly, a user transfers e- DIGITAL FORM.”
Rupee from their e-Rupee
Wallet to someone else’s.
BITCOIN VS E-RUPEE
A CRYPTOCURRENCY IS A DECENTRALIZED
ASSET WHERE TRANSACTIONS BETWEEN
PARTIES ARE SETTLED BY A POOL OF USERS.
IN E-RUPEE, THE CENTRAL BANK TAKES
RESPONSIBILITY FOR ENSURING THE
TRANSACTIONS ARE SETTLED.
CRYPTOCURRENCIES, ON THE OTHER HAND,
SUCH AS BITCOIN, ARE PUBLIC CURRENCIES
(NOT BACKED BY THE RBI). BESIDES, E-RUPEE
WILL ENJOY THE SAME STABILITY IN VALUE
AS THE RUPEE WHILE CRYPTOCURRENCIES
CAN BE VERY VOLATILE.
RESOURCE PAGE
https://economictimes.indiatimes.com/wealth/save/how-is-e-
rupee-different-from-cash-upi-and-cryptocurrency/bitcoin-vs-
e-rupee/slideshow/101756179.cms
