New Delhi. Today is an important day for the country’s economy. From today Reserve Bank of India RBI is going to launch the pilot project of its digital currency. The Reserve Bank has decided to start this pilot project with 9 banks. These include State Bank of India and Bank of Baroda. Finance Minister Nirmala Sitharaman had said during the presentation of the Union Budget in February this year that the Reserve Bank will bring digital currency CBDC from 2022-23. So let us tell you what is the meaning of this digital currency and will the notes and coins be stopped now?
First of all let’s talk about your work. Digital currency means that in this you will not need to keep notes or coins with you. You will be able to transact with it only through your mobile wallet. The Reserve Bank says that it does not intend to close currency notes or coins by bringing digital currency. Digital currency is being introduced for special use from today. It will now be used for wholesale transactions. Its use will strengthen the method of payment and will also help in preventing money laundering. Black money hoarders are also expected to get a jolt due to digital money.
Apart from State Bank and Bank of Baroda, HDFC Bank, ICICI Bank, Union Bank, IDFC First Bank, Kotak Mahindra Bank and HSBC Bank have been selected to start the pilot project of digital currency. In the coming time, digital currency transactions will be possible through other banks as well. Even if this currency is completely implemented in place of notes and coins, the Reserve Bank will have control over it. Being completely based on blockchain, no one will be able to steal or grab your digital currency from your wallet.