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Original Research

CENTRAL BANK DIGITAL CURRENCY (CBDC): INDIA'S FIRST OWN DIGITAL CURRENCY TO MAKE INDIAN ECONOMY CASHLESS

SOUMIK DUTTA

Vol 18, No 03 ( 2023 )   |  DOI: 10.17605/OSF.IO/G5NJV   |   Author Affiliation: Assistant Professor, Department of Commerce, St. Joseph’s College, North Point, Darjeeling, West Bengal, India.   |   Licensing: CC 4.0   |   Pg no: 1133-1135   |   Published on: 28-03-2023

Abstract

RBI launched India's first official digital currency known as e-rupee or Digital Rupee as a pilot project with effect from December 1, 2022. Digital currency is considered as an alternative to physical notes which enables payment to merchants and settles the inter-institutional payments. CBDC helps the people to keep this currency in electronic form in digital wallet and make payments from it. Being the currency value not fluctuating like Cryptocurrency, it safeguards the value stored in it. Unlike Cryptocurrency, CBDC discourages money laundering and terror funding.


Keywords

Cryptocurrency, money laundering, UPI, Digital currency, e-rupee, Digital Wallet