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VISA
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Mastercard
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Rupay
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Detailed explanation-1: -The Reserve Bank of India (RBI) has issued a concept note on Central Bank Digital Currency (CBDC) on October 7, 2022. The Note is accessible at RBI’s website (https://www.rbi.org.in/Scripts/PublicationReportDetails.aspx?UrlPage=&ID=1218).
Detailed explanation-2: -10 countries have launched a CBDC, the first of which was the Bahamian Sand Dollar in 2020, and the latest was Jamaica’s JAM- DEX.
Detailed explanation-3: -1.14 Government of India announced the launch of the Digital Rupee - a Central Bank Digital Currency (CBDC) from FY 2022-23 onwards in the Union Budget placed in the Parliament on February 01, 2022.
Detailed explanation-4: -Central Bank Digital Currency (CBDC) is a digital counterpart of government-backed fiat money. This kind of digital currency is connected to the nation’s currency and issued by its central bank. The same would be the case with the ‘digital rupee’ in India as it will be backed by the central bank of India, i.e. RBI.