Central Bank digital currency or eRupee cannot converted currently in to cash and vise versa.The RBI will only issue eRupee against bank deposits and allow digital currency conversion into cash.
- According to central bank
The eRupee pilot project has progressed quite satisfactorily in closed user group and the number of users in gradually rising Addressing an event at the Indian Merchants chamber.Anuj Ranjan chief general manager at RBI’s fintech department, said the central bank will bear costs relating to eRupee.
2. Digital wallet
Ajay Rajan, country head for transactions banking at Yes Bank, said that the bank has already made the digital wallet available for download on Apple App Store and Google Play store. The installation of the digital wallet can be done only by customers of the bank as they have restricted the app to SIM numbers that are registered with the bank.
3. According to Rajan
Cash transactions are free merchants do pay fees to cash management companies for handling of notes. He said several companies have signed up for accepting payments in eRupee and these include oil marketing companies, reliance retail and natural ice cream.
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