India's own CBDC has been launched today for pilot

It might be the next revolution in payments like UPI🤯

What does it mean to you? 🤔

Here is all about the Indian CBDC 👇

1/ What is CBDC?

CBDC stands a Centrally Backed Digital Currency

Just like a physical note, CBDC will be:

- Legal Tender
- Liability of the RBI to return us that money
- Our legal obligation to accept it
- Freely convertible against commercial bank
money

Symbol: e₹

2/ Features of CBDC?

Apart from 1 above,

A. You won't need a bank account for transacting 🤯

B. Lower cost of issuance vis-a-vis notes

C. Negligible risk of being stolen or torn vis-a-vis notes

3/ How will it be different from UPI?

- No time required for settlement amongst banks

- No need of having a bank account
Hence, improving financial inclusion

- Substitute of cash

4/ Need for CBDC

A. Security over bank deposits

While our bank balances are insured up to ₹5Lakhs

But since CBDC is CENTRALLY BACKED,

it is the government's liability to return us each and every penny

Well, that's what's in for us.

What about the govt? Read on👇