Page 51 - Bdc News Today

As we move into a new era of digital money here are ten things you should know about the Digital Rupee.

Simply put, it is a digital form of fiat currency, i.e. The Indian Rupee. As a result, it can be exchanged for fiat currency one for one.

The Monetary Authority of Singapore (MAS) said in a statement today (31 October) it would produce a report based on trials detailing potential uses of a purpose-bound...

The central bank’s focus on the digital currency is creating confusion among many Nigerians, who fail to see the difference between the government-backed eNaira and cryptocurrencies.

International leaders in the OECD and G20 are working to sync up cross-border crypto regulation, covering everything from taxes to NFTs.

"We are at the forefront of a watershed movement in the evolution of currency that will decisively change the very nature of money."

In layman's terms, a CBDC is simply digital fiat, whereas cryptocurrencies are digital assets on a decentralised network.

While many industry leaders and stakeholders see this as a step towards embracing blockchain technology, others find it to be a play against the current market interest in cryptocurrencies.

The central bank will commence pilot launches of e-rupee for specific use cases

In a concept paper, the Reserve Bank of India said the e-rupee will be freely convertible against commercial bank money.