FAST FIVE: War On Cash: India Rolling Out Retail Pilot Program For Digital Rupee

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According to the RBI, the central bank digital currency “is a legal tender issued by a central bank in a digital form.

The difference between a government digital currency and bitcoin is the value of the digital currency is backed and controlled by the state, just like traditional fiat currency.

Going by the potential offered by each of them, there may be merit in introducing both CBDC-W and CBDC-R.” Government-issued digital currencies are sold on the promise of providing a safe, convenient, and more secure alternative to physical cash.

As Bloomberg put it in an article published when China launched its digital yuan pilot program, digital currency “offers China's authorities a degree of control never possible with physical money.” The government could even “turn off” an individual's ability to make purchases. Bloomberg described just how much control a digital currency could give Chinese officials.

The Chinese government-backed digital currency got a boost when the country's biggest online retailer announced the first virtual platform to accept the Chinese digital currency.

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