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Humans have been using paper for money starting from the early 7th century. But of late, crypto-currencies have seen a rise. ๐Ÿ”

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 hereโ€™s what it means for us.

An e-RUPI is a digital token equivalent to our fiat currency i.e., the Indian Rupee. โ‚นโ‚นโ‚น

Since they are digital money, the cost and speed of transactions are vastly reduced, ensuring seamless service over long distances at a cheaper cost ๐Ÿ’ธ

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.

โžก๏ธ 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

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