The e-Rupee is a digital token that serves as legal tender, and users will be able to transact with it via a digital wallet provided by partner banks and kept on mobile phones or devices
e-Rupee as a legal tender issued by a central bank in digital form. The conversion rate is 1 e-Rupee = 1 Rupee. e-Rupee shall be accepted as a medium of payment, legal tender and a safe store of value
According to the HDFC Bank website, here is how e-Rupee is different from cash, UPI and cryptocurrency
e-Rupee is closest in comparison to cash. When you pay cash, the physical note/coin goes from your wallet to someone else’s. Similarly, a user transfers e-Rupee from their e-Rupee Wallet to someone else’s
Unlike e-Rupee, which is a currency, UPI is only a payment system which allows transfer of money from one bank account to another through an intermediary
e-Rupee, issued by the Reserve Bank of India, is a stable digital currency, contrasting with cryptocurrencies like bitcoin, known for their volatility. While cryptocurrencies rely on decentralized user pools, e-Rupee transactions are centrally settled by the RBI, providing stability akin to physical Rupee.
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