India launched its first Digital Currency aka eRupee on Dec 1, 2022. Now, There’s in a surge need to have a detailed Info about the Initiative taken by the Indian Government as Central Bank Digital Currency (CBDC) now popularly being known as eRupee.
So, Are you in search of eRupee Informations on the web which will help you understanding India’s CBDC eRupee more clearly? Congratulations, Your search ends here.
Hey, My name is Vikash Yavansh from Prayagraj Uttar Pradesh. I am a experienced Crypto Trader & a longrun Crypto Investor. Here, I will be answering all the FAQs regarding eRupee right to the post and will update more upcoming FAQs in the future. If, You have any conditional Question that I couldn’t covered in this post, Comment section is there only for you. Shoot out your query below, and I will individually repy to each people. I am Online. Kudos!!
Yes, As per RBI Guidelines, Indian eRupee will act as a stablecoin Cryptocurrency having a fixed INR value.
What is eRupee Digital Currency?
eRupee is an Innovative Digital Currency backed by blockchain technology to perform person-to-person transaction issued by RBI also known as Central Bank Digital Currency (CBDC).
While it’s not the first time in the world introducing Central Bank Digital Currencies of their own, Several other Countries too have Developed their own set of rules regarding regulating Centralized Cryptocurrencies. You can also track the Development & adoption of Centralized currencies over the Globe through below Image.
CBDC Tracker over the GlobeIs eRupee a Fiat Currency?
Yes, eRupee is a Government controlled Fiat Cryptocurrency which derives its value as per action taken by Reserve Bank of India.
Is eRupee a Good Investment?
Yes, eRupee can be a Good Investment not in the terms of growing Investment Portfolio but in keeping Transactions Informations Private by the help of Blockchain Technology.
Also Read, Will USDT Crash Ever? FAQs
Are you looking at USDT after the UST stablecoin crashed? Are you in presumption, Will USDT ever crash? USDT and UST both are stablecoins. Then, why and how can a stablecoin crash? Is USDT the next victim?
Is eRupee a CryptoCurrency?
Yes, eRupee is recently launched Centralized Cryptocurrency by Government Of India running on its own set of Blockchain Rules & Technology.
Is eRupee a Security?
Yes, eRupee can be a Security and is mainly based on the purpose of replacing Physical Cashes. eRupee Security can used to Trade, Exchange just like general ₹100 Note.
Is eRupee a Algorithmic?
Yeah Obviously, eRupee must be algorithmic to maintain in its value equal to INR. eRupee is pegged to INR in same way USDT is pegged to US Dollar.
Is eRupee Anonymous?
Yes, eRupee can be Anonymous in which transactions will be visible to You and RBI only. Even your Personal Banks like HDFC, Kotak Mahindra, IDFC, BOB Banks etc will not be able to view or verify transactions on their end.
Is eRupee worth Buying?
Of Course, eRupee is worth buying in Terms of saving Large amounts in Banks to avoid Cash shortage in Emergency as well.
Is eRupee and INR Rupee same?
Yes, the value of 100 eRupee digital Token and 100 INR physical note however will be the same.
Is eRupee backed by Rupee?
Yes, eRupee must be backed by INR Rupee to peg its value equal to 1 INR.
Is eRupee based on Ethereum?
No, Unlike other Crypto Tokens, eRupee is not based on Ethereum blockchain. It has its own Blockchain System.
Is eRupee better than stablecoins like USDT?
eRupee is Centralized Cryptocurrency. So In future, if there’s a case happened like Terra USD collapse in which all the holdings were devalued to zero due of its misconfiguration, You can claim and ask government to refund your total Losses. Therefore, eRupee is much more better than any stablecoins.
Is eRupee Centralized?
Yes, eRupee is Centralized cryptocurrency backed by Reserve Bank of India.
Is eRupee Coin Safe?
eRupee is a Centralized Cryptocurrency backed by Government body, So this is the safest cryptocurrency in terms of security losses and refunds.
Is eRupee Expensive to Buy?
No, You can buy 100 eRupee digital tokens by paying 100 INR to RBI. You will receive your eRupee token in the Digital Wallet.
Is eRupee fully backed by RBI?
Reserve Bank of India can only update its Blockchain utility, provide eRupee token to users and will help in maintaining its pegged value of Indian Rupee INR. However, the Transactions in eRupee will also be visible in Government’s Ledger Book.
Is eRupee going to Rise?
No, the prices and value of eRupee will be stable just like other stablecoins like USDT, USDC, etc..
Is eRupee Good for Staking?
Yes, Staking eRupee can be a good decision if You don’t want to save your money in Banks.
Is eRupee going to Collapse like Terra USD?
eRupee cannot collapse ever because it is regulated by a non-beneficiary government body RBI unless, it isn’t hacked.
Is eRupee backed by Government of India?
Yes, eRupee has been developed by Reserve Bank of India (via Blockchain) under the consultation of Government of India.
Good luck!