30, April 2025

Challenges of Implementation of Digital Currency to be launched by Reserve Bank of India

VOLUME-11; ISSUE-4; APR-2025

Author(s): 1 Baby Kumari , 2 Rahul Kumar, 3 Prof. (Dr.) Navneet Joshi

Authors Affiliations:

1Research Scholar, Jagan Institute of Management Studies, Delhi, India

2Student, Vellore Institute of Technology, Vellore, India

3Professor, Jagan Institute of Management Studies, Delhi, India

DOIs:10.2015/IJIRMF/202504058     |     Paper ID: IJIRMF202504058


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Central Bank Digital Currency, abbreviated as CBDC is a digital form of currency. In India, it is represented as e₹. It is issued in India by Central Bank, called as Reserve Bank of India.RBI defines CBDC as the "legal tender issued by a Central Bank in a digital form." At present almost 20 countries are thinking about launch of CBDC. Bahamas, Nigeria, Eastern Caribbean, and Jamaica have already issued CBDC. India is in the pilot phase of issuing digital currency. CBDC is a legal tender in a digital form. It is same as sovereign currency. It is exchangeable at par (1:1). In FY2022-2023, the Government of India will launch the digital rupee. It is backed by blockchain technology.  The systems work 24x7. It is not necessary to have a bank account for holding CBDC.
CBDC, Challenges, Banks, India

Baby Kumari,  Rahul Kumar,  Prof. (Dr.) Navneet Joshi(2025); Challenges of Implementation of Digital Currency to be launched by Reserve Bank of India, International Journal for Innovative Research in Multidisciplinary Field, ISSN(O): 2455-0620, Vol-11, Issue-4, Pp.406-411.          Available on –   https://www.ijirmf.com/

  1. centralbankbahamas.com
  2. in
  3. rbi.org.in
  4. com
  5. Indian Institute of Banking & Finance on 2023-04-18
  6. pib.gov.in
  7. ibef.org

 

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