Published Paper Details:

Digital Money, also known as electronic money or e-money, refers to any form of currency or value that exists in digital or electronic form. It represents a digital representation of traditional fiat currency, such as the US dollar or the euro, or a digital representation of an asset, like gold or a specific commodity. Digital Currency is typically stored and transacted electronically, using digital devices such as computers, smartphones, or other electronic devices. It allows for quick and convenient transactions, as well as seamless online payments. Similar to physical banknotes, the Digital Rupee will have unique identification and will be regulated by the RBI. The liability for the currency will rest with the central bank. Digital Currency aims to be accessible both online and offline. The RBI plans to launch two versions of the Digital Rupee: Digital Rupee for Wholesale (eINR-W) catering to financial institutions for interbank settlements and Digital Rupee for Retail (eINR-R) for consumer and business transactions. The implementation of the Digital Rupee is expected to eliminate the costs associated with the security printing of physical currency, which is currently borne by the general public, businesses, banks, and the RBI. The transition to a digital currency has the potential to enhance efficiency, transparency, and accessibility in financial transactions within the Indian economy.