The government is not a big fan of crypto due to lack of regulation, so they created their own crypto called e-RUPI, and here's what that means for us.
An e-RUPI is a digital token equivalent to our fiat currency, namely the Indian Rupee.
Since it is digital currency, the cost and speed of transactions are significantly reduced, ensuring seamless service over long distances at a lower cost.
An added benefit of digitizing money is that you can program it to ensure it is used only for a given purpose. The government can use this feature to ensure that money goes to the project as planned and not elsewhere. However, there is concern that the government may program the money to surveil the public and control our spending.
️ As Uncle Ben said, with great power comes great responsibility. Let me know in the comments below whether or not we are ready for CBDCs.
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