Humans have been using paper for money starting from the early 7th century. But of late, crypto-currencies have seen a rise. 🔐
The government is not a huge fan of crypto due to the lack of regulation, so they made their very own crypto called e-RUPI, and here’s what it means for us.
An e-RUPI is a digital token equivalent to our fiat currency i.e., the Indian Rupee. ₹₹₹
Since they are digital money, the cost and speed of transactions are vastly reduced, ensuring seamless service over long distances at a cheaper cost 💸
An added advantage of digitizing money is that you can program it to ensure it is utilized only for a given purpose. The government can utilize this feature to ensure that the money goes to the scheme as planned and not elsewhere. However, there is a fear that the government can program the money to monitor the public and control our spending.
➡️ As uncle Ben said, with great power comes great responsibility. Tell me in the comments below if we are ready for CBDCs or not.
#financewithsharan #moneytalks #moneymotivated .
#theonepercentclub #erupi #cryptonews #moneytalks #bank #rbi