Very soon India's own digital currency is going to be launched | Canada News

Awarm welcome to all of you in Tech Blog, in today's time, where everything has started looking digital, now currency ie currency has also started becoming digital and its trend is going on all over the world. All countries are electing on this, so let us know today through this blog that when this digital currency is going to come in our country i.e. India and what is this digital currency as well as many important things related to it. .

When will the digital currency launch in India?

As the trend of digital currency is increasing very fast and seeing the skyrocketing prices of cryptocurrencies, many countries are trying to launch their own digital currency, one of which is India. Yes, friends, your India is also about to launch its own cryptocurrency and it can be guessed that by April 2021 in India, we can see India's own digital currency. Reserve Bank of India (RBI) has started working on its own digital currency and it was announced by the Reserve Bank of India Governor Shaktikanta Das himself on the 185th foundation day of Bombay Chamber of Commerce and Industry and said that India can succeed. . But this currency will be completely different from cryptocurrency and will be based on the blockchain, which will be in the eyes of the Reserve Bank of India.

What are the types of currency?

There are mainly two types of currency, one is fiat currency and the other is digital currency, we also call it virtual money.

Fiat currency: - This is the currency that we are using today like notes and coins, through which we do transactions and it is in hard copy which comes to us by the press, and these money is centralized. are kept under control either through the bank. Or through the central government, whatever money we keep in the bank is also in their hands.

Digital Currency/Virtual Currency:- It is not in any hard form, rather you store it in electronic form and through this you do transactions with each other. It is decentralized, it works like a public financial system, it is not controlled by any one person.

In which countries are cryptocurrencies being used?

China, Singapore, Venezuela, Ecuador, Tunisia, Senegal etc. have launched their own cryptocurrencies and countries like Japan, Sweden, Estonia, Palestine, Russia etc. are preparing to launch their own cryptocurrencies. As well as Iran amending its cryptocurrency law so that central banks can use cryptocurrencies to pay for imports, Turkey is also going to issue its own digital notes very soon. Thailand's regulators have legalized 13 types of digital cryptocurrencies for trading in the country. Some sources claim that the Swiss government is also considering launching a digital currency.

Which is digital currency?

As we know that digital or cryptocurrency running on the internet is a virtual currency and so many countries have made their own cryptocurrency and some countries are working on it, so there are many different cryptocurrencies around the world and their is your name. Like bitcoin and there are hundreds of other cryptocurrencies in the world like red coin, sia coin, ciscoin, voice coin and monero etc.

What is bitcoin?

Bitcoin is a virtual and cryptocurrency currency that you can neither touch nor see, it is like a secret money that you can keep in your wallet on the internet and whenever you want to buy or sell something on the internet Through this you can do your transaction for example if you want to buy something on the internet then you can buy and in return you can give it bitcoins. Just like Rupee, Dollar and Pound is money, it is also a paisa, it was launched by Satoshi Nakamoti in 2008 but it was not very famous at that time.

What is cryptocurrency?

This currency was launched in 2009. Crypto currency is a private currency, it is not the currency of any country but a global currency which is made on computer algorithm. Crypto currency is a generic name for all types of digital currency and is not hardcopy nor printed, it is available only on the internet and computer and thus its transactions are done online. A unit of cryptocurrency is a highly complex digital code. This code cannot be copied, it is also used as a medium of exchange like normal currency. It is also called free currency. There is a lot of benefit in this. There is no institution on which it is based. Its value at that time was $0. Even until 2010, its price did not reach 1 dollar, but gradually it changed significantly and today the price of bitcoin is 30 thousand dollars. If we talk in Indian rupees, then its price sits close to 24 lakh rupees.