View | Digital Rupee will transform fintech and create opportunities

cnbctv18.com:

With the imminent introduction of the Digital Rupee, India is officially poised to enter the cryptocurrency market. With the unstoppable boom of cryptos like Ethereum and Bitcoin, the Digital Rupee is India's safe crypto that is likely to be released in the third quarter of this year.Several countries, such as USA in particular, are also set to roll out their own central bank digital currency (CBDC).

So, this timely release of the Digital Rupee is much welcomed.For any currency to be used in the market, it needs to be authenticated and validated. The Digital Rupee is India's answer to producing a digital currency where its validity will not be questioned.

Furthermore, it will provide the populace with a stable cryptocurrency that they can use on a daily basis as an option to cash. The impact of the Digital Rupee cannot be overstated, as it has the potential to redefine how money is used, exchanged, and handled.How Digital Rupee is going to transform fintechReducing  cash handling cost: In a recent speech, PM Narendra Modi stated, "The digital rupee will revolutionise the fintech sector by creating new opportunities and lessen the burden in handling, printing, and logistics management of cash."Also Read: Proposed digital currency by RBI to speed up transactions, reduce cost of cash: DeloitteFor a country as large as India, handling the printing, supply, and logistics of cash are too expensive.