RBI is going to propose a new Digital Currency for India they said they are working on its new digital legal tender that has the backing of the state. This is not the first time that RBI has said something like this, in the past RBI, has made statements like putting your own cryptocurrency. But nothing considerable has happened till now apart from the annual remarks made by RBI’s top executives.
India is not the first nation to be working on Digital Currency, China has also been working on Digital Currency for years. What is Digital Currency? It is used to make transactions through smartphones and is accepted on e-commerce portals, offline shops, and other outlets.