CBDC/eRuppe wallet is currently being tested!

pawanjain

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Quote from: pakhitheboss on November 10, 2023, 02:00:52 AM

Quote from: pawanjain on November 09, 2023, 12:13:43 PM

Even I have received the invitation from my bank to test this wallet.
Although I am interested in testing the wallet I haven't done so because of my day job and other work related items.
I will try it once I get some free time and let you guys know the experience of it.

Try to find out whether it can be used at any normal store where they have a QR code for UPI payment. I doubt that it may not work and I fear the money might get stuck. If it does not work then what the heck should we use it for? The most embarrassing part of UPI or Credit/Debit card transactions is when the bank's server gets busy and starts declining transactions. In such an embarrassing situation, this digital rupee should come in handy otherwise I do not think there is any use of it for me.

As of now, you can only use eRupee for making P2P transactions. So the other party must have eRupee wallet inorder to receive the money.
I think the merchants haven't started to use eRupee yet because of lack of awareness.
So it will take a while for merchants to accept it and until that we can only make P2P transactions with other people.

Bitcoin Smith

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Quote from: pakhitheboss on November 10, 2023, 02:00:52 AM

Quote from: Bitcoin Smith on November 08, 2023, 01:51:54 PM

I wonder which bank did it? SBI?

No, I got the invitation from Kotak, and every day they send me an SMS to use it and make a purchase. Okay, I understand that is a marketing message but why not tell me where to use it? As per my understanding from a few videos on YouTube, you can receive and send digital rupee to anyone having that wallet but what about using it at the store?

Okay here is what I found in ICICI bank official FAQs page about digital rupee where they mentioned

Where can Digital Rupee be used?

Customers can transfer the tokens to each other through VPA, Mobile No. and QR Code. Customers can pay merchants through the Digital Rupee QR Code.

Digital Rupee FAQ's

So my statment is right, we can only send the digital ruppe to wallet that accepts sigital rupee and it can't be send via UPI QR and other modes. But as you said I never seen anywhere like even in amazon like sites where we have options to pay with digital rupee.

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Quote from: Bitcoin Smith on November 08, 2023, 01:51:54 PM

I wonder which bank did it? SBI?

No, I got the invitation from Kotak, and every day they send me an SMS to use it and make a purchase. Okay, I understand that is a marketing message but why not tell me where to use it? As per my understanding from a few videos on YouTube, you can receive and send digital rupee to anyone having that wallet but what about using it at the store?

Quote from: pawanjain on November 09, 2023, 12:13:43 PM

Even I have received the invitation from my bank to test this wallet.
Although I am interested in testing the wallet I haven't done so because of my day job and other work related items.
I will try it once I get some free time and let you guys know the experience of it.

Try to find out whether it can be used at any normal store where they have a QR code for UPI payment. I doubt that it may not work and I fear the money might get stuck. If it does not work then what the heck should we use it for? The most embarrassing part of UPI or Credit/Debit card transactions is when the bank's server gets busy and starts declining transactions. In such an embarrassing situation, this digital rupee should come in handy otherwise I do not think there is any use of it for me.

pawanjain

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Quote from: Bitcoin Smith on November 08, 2023, 01:51:54 PM

Quote from: pakhitheboss on November 08, 2023, 12:00:55 AM

Is anyone here using the Digital rupee wallet? I got an invitation from my bank and then followed the quick steps for registration. Completed it and got my wallet activated, but I still do not know how to use it. Can we use it at stores using the Phonepe or Paytm QR code? Or it can be only used to send and receive the digital rupee with others who have that kind of wallet. I am so confused as to what to do with this wallet, I haven't recharged it to avoid unnecessary issues. Need some advice related to it.

I wonder which bank did it? SBI?

Its same concept of crypto but centralized and controlled by government so yeah your assumption is correct it can be send and recieved only with ditital rupee wallet users and in future maybe all the UPI apps will introduce internal conversions so the digital rupee will be converted and send to other UPI but as of now its not available in any of the UPI apps.

Even I have received the invitation from my bank to test this wallet.
Although I am interested in testing the wallet I haven't done so because of my day job and other work related items.
I will try it once I get some free time and let you guys know the experience of it.

Bitcoin Smith

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Quote from: pakhitheboss on November 08, 2023, 12:00:55 AM

Is anyone here using the Digital rupee wallet? I got an invitation from my bank and then followed the quick steps for registration. Completed it and got my wallet activated, but I still do not know how to use it. Can we use it at stores using the Phonepe or Paytm QR code? Or it can be only used to send and receive the digital rupee with others who have that kind of wallet. I am so confused as to what to do with this wallet, I haven't recharged it to avoid unnecessary issues. Need some advice related to it.

I wonder which bank did it? SBI?

Its same concept of crypto but centralized and controlled by government so yeah your assumption is correct it can be send and recieved only with ditital rupee wallet users and in future maybe all the UPI apps will introduce internal conversions so the digital rupee will be converted and send to other UPI but as of now its not available in any of the UPI apps.

pakhitheboss

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Is anyone here using the Digital rupee wallet? I got an invitation from my bank and then followed the quick steps for registration. Completed it and got my wallet activated, but I still do not know how to use it. Can we use it at stores using the Phonepe or Paytm QR code? Or it can be only used to send and receive the digital rupee with others who have that kind of wallet. I am so confused as to what to do with this wallet, I haven't recharged it to avoid unnecessary issues. Need some advice related to it.

pakhitheboss

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Quote from: baristor on July 11, 2023, 02:20:59 PM

Thats probably because of RBI hidden agenda to screw over Indians and make their CBDC not much different from SEC's agenda to screw over Americans except we gotta pay 30% Tax on our profits while cuntries like malaysia indonesia thailand etc have 0% taxable income on all crypto profits

If your earning from cryptocurrency is substantial then it is better to leave India. Many have left for Dubai and after you pointing out Malaysia & Indonesia I imagine many would move into these countries too. They both are similar to India but they want their citizens to rise above poverty. Whereas India wants its middle class to become poor and that might be the reason they implemented tax without regulations Grin

baristor

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Quote from: pawanjain on July 10, 2023, 12:41:49 PM

Quote from: elevates on July 10, 2023, 08:53:47 AM

Quote from: baristor on July 10, 2023, 05:48:30 AM

Quote from: pakhitheboss on July 10, 2023, 02:21:37 AM

Quote from: baristor on July 09, 2023, 04:15:41 PM

I wonder if the major populous will ever catch on to the central banking scammers. Or its Titanic all over again. This time for countries

Indian population is so big that if a handful of few like us understand what is the motive behind all of this new financial technology, it won't affect the government. The majority will still follow the government policy without even questioning the reason. We Indians do not have any issues with any government policy until the policy becomes a problem for us individually. The best example is the cryptocurrency tax which has resulted in so many issues this year. Before that none of us had any issues with the tax, even though they were never friendly for the middle class.

Also regarding this remember that time Vitalik donated billions to indian govt when they wanted to ban Crypto ?

I wonder if they payed 30% tax for that.

That was a big gesture from Vitalik at a time when the country was struggling with the COVID-19 virus. Remembering those days still gives me chills and by the way that money went was meant for relief work. The government never disclosed what it did with that amount and never even confessed that it was a great help from Vitalik publically.

Tax law was not applicable at that time.

Vitalik had donated around $1 billion worth of cryptocurrencies to the Covid 19 relief fund for India.
As per the reports the funds were utilized for medical supplies, oxygen cylinders and other things.

More details can be found here https://gizmodo.com/ethereum-founder-donated-1-billion-to-fight-covid-in-i-1847381361

P.S: Despite receiving such a huge donation Indian was thinking to ban cryptocurrencies instead of expressing gratitude.

Thats probably because of RBI hidden agenda to screw over Indians and make their CBDC not much different from SEC's agenda to screw over Americans except we gotta pay 30% Tax on our profits while cuntries like malaysia indonesia thailand etc have 0% taxable income on all crypto profits

pawanjain

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Activity: 2646

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Nothing lasts forever

Quote from: elevates on July 10, 2023, 08:53:47 AM

Quote from: baristor on July 10, 2023, 05:48:30 AM

Quote from: pakhitheboss on July 10, 2023, 02:21:37 AM

Quote from: baristor on July 09, 2023, 04:15:41 PM

I wonder if the major populous will ever catch on to the central banking scammers. Or its Titanic all over again. This time for countries

Indian population is so big that if a handful of few like us understand what is the motive behind all of this new financial technology, it won't affect the government. The majority will still follow the government policy without even questioning the reason. We Indians do not have any issues with any government policy until the policy becomes a problem for us individually. The best example is the cryptocurrency tax which has resulted in so many issues this year. Before that none of us had any issues with the tax, even though they were never friendly for the middle class.

Also regarding this remember that time Vitalik donated billions to indian govt when they wanted to ban Crypto ?

I wonder if they payed 30% tax for that.

That was a big gesture from Vitalik at a time when the country was struggling with the COVID-19 virus. Remembering those days still gives me chills and by the way that money went was meant for relief work. The government never disclosed what it did with that amount and never even confessed that it was a great help from Vitalik publically.

Tax law was not applicable at that time.

Vitalik had donated around $1 billion worth of cryptocurrencies to the Covid 19 relief fund for India.
As per the reports the funds were utilized for medical supplies, oxygen cylinders and other things.

More details can be found here https://gizmodo.com/ethereum-founder-donated-1-billion-to-fight-covid-in-i-1847381361

P.S: Despite receiving such a huge donation Indian was thinking to ban cryptocurrencies instead of expressing gratitude.

elevates

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Quote from: baristor on July 10, 2023, 05:48:30 AM

Quote from: pakhitheboss on July 10, 2023, 02:21:37 AM

Quote from: baristor on July 09, 2023, 04:15:41 PM

I wonder if the major populous will ever catch on to the central banking scammers. Or its Titanic all over again. This time for countries

Indian population is so big that if a handful of few like us understand what is the motive behind all of this new financial technology, it won't affect the government. The majority will still follow the government policy without even questioning the reason. We Indians do not have any issues with any government policy until the policy becomes a problem for us individually. The best example is the cryptocurrency tax which has resulted in so many issues this year. Before that none of us had any issues with the tax, even though they were never friendly for the middle class.

Also regarding this remember that time Vitalik donated billions to indian govt when they wanted to ban Crypto ?

I wonder if they payed 30% tax for that.

That was a big gesture from Vitalik at a time when the country was struggling with the COVID-19 virus. Remembering those days still gives me chills and by the way that money went was meant for relief work. The government never disclosed what it did with that amount and never even confessed that it was a great help from Vitalik publically.

Tax law was not applicable at that time.

baristor

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Activity: 631

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Quote from: pakhitheboss on July 10, 2023, 02:21:37 AM

Quote from: baristor on July 09, 2023, 04:15:41 PM

I wonder if the major populous will ever catch on to the central banking scammers. Or its Titanic all over again. This time for countries

Indian population is so big that if a handful of few like us understand what is the motive behind all of this new financial technology, it won't affect the government. The majority will still follow the government policy without even questioning the reason. We Indians do not have any issues with any government policy until the policy becomes a problem for us individually. The best example is the cryptocurrency tax which has resulted in so many issues this year. Before that none of us had any issues with the tax, even though they were never friendly for the middle class.

Also regarding this remember that time Vitalik donated billions to indian govt when they wanted to ban Crypto ?

I wonder if they payed 30% tax for that.

pakhitheboss

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Quote from: baristor on July 09, 2023, 04:15:41 PM

I wonder if the major populous will ever catch on to the central banking scammers. Or its Titanic all over again. This time for countries

Indian population is so big that if a handful of few like us understand what is the motive behind all of this new financial technology, it won't affect the government. The majority will still follow the government policy without even questioning the reason. We Indians do not have any issues with any government policy until the policy becomes a problem for us individually. The best example is the cryptocurrency tax which has resulted in so many issues this year. Before that none of us had any issues with the tax, even though they were never friendly for the middle class.

baristor

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Quote from: pawanjain on July 08, 2023, 10:18:17 AM

Quote from: baristor on July 07, 2023, 03:19:47 AM

Quote from: pakhitheboss on July 07, 2023, 02:39:11 AM

Quote from: baristor on July 06, 2023, 06:07:48 PM

I saw this apparently they are linked up with ICICI Bank and require verification from there.

Has anyone tried this ? Whats the adv of testing it out ?

I haven't tried it till now but as I mentioned earlier their is a full video on YouTube about it by LLA. They did connect their wallet to their ICICI bank account and did a few transactions to demonstrate how it works. At the moment it will only work when someone has that wallet installed and active on their device. It is still in trial basis cannot quote any advantage for now, you can apply and give it a try if you want to use it.

Unless they are going to gve some airdrop or something why would I help the central banksters steal more money and track people via cbdc?

LOL

Don't be expecting any airdrops from RBI unless you are a senior citizen and have applied for a pension scheme and will probably live for next 10 years.
May be the government will try to giveaway pension through eRupee in future and then you can expect the so called airdrop.

Jokes apart, eRupee is the same as INR. So the government won't be giving it away for free ofcourse.
May be in future private banks may give way few INR like 100 rs to link your wallet to their banks or something.

I wonder if the major populous will ever catch on to the central banking scammers. Or its Titanic all over again. This time for countries

pawanjain

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Activity: 2646

Merit: 713

Nothing lasts forever

Quote from: baristor on July 07, 2023, 03:19:47 AM

Quote from: pakhitheboss on July 07, 2023, 02:39:11 AM

Quote from: baristor on July 06, 2023, 06:07:48 PM

I saw this apparently they are linked up with ICICI Bank and require verification from there.

Has anyone tried this ? Whats the adv of testing it out ?

I haven't tried it till now but as I mentioned earlier their is a full video on YouTube about it by LLA. They did connect their wallet to their ICICI bank account and did a few transactions to demonstrate how it works. At the moment it will only work when someone has that wallet installed and active on their device. It is still in trial basis cannot quote any advantage for now, you can apply and give it a try if you want to use it.

Unless they are going to gve some airdrop or something why would I help the central banksters steal more money and track people via cbdc?

LOL

Don't be expecting any airdrops from RBI unless you are a senior citizen and have applied for a pension scheme and will probably live for next 10 years.
May be the government will try to giveaway pension through eRupee in future and then you can expect the so called airdrop.

Jokes apart, eRupee is the same as INR. So the government won't be giving it away for free ofcourse.
May be in future private banks may give way few INR like 100 rs to link your wallet to their banks or something.

pakhitheboss

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Quote from: baristor on July 07, 2023, 03:19:47 AM

Quote from: pakhitheboss on July 07, 2023, 02:39:11 AM

Quote from: baristor on July 06, 2023, 06:07:48 PM

I saw this apparently they are linked up with ICICI Bank and require verification from there.

Has anyone tried this ? Whats the adv of testing it out ?

I haven't tried it till now but as I mentioned earlier their is a full video on YouTube about it by LLA. They did connect their wallet to their ICICI bank account and did a few transactions to demonstrate how it works. At the moment it will only work when someone has that wallet installed and active on their device. It is still in trial basis cannot quote any advantage for now, you can apply and give it a try if you want to use it.

Unless they are going to gve some airdrop or something why would I help the central banksters steal more money and track people via cbdc?

Airdrop! RBI! Grin

Don't worry they will slowly push it into the system and you would be compel to use it. Already RBI has started it work of expanding it globally prior to its launch. They trying to outplay digital Yuan with digital rupee and something big is going to happen that is for sure. Let's wait and watch in the meantime

baristor

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Quote from: pakhitheboss on July 07, 2023, 02:39:11 AM

Quote from: baristor on July 06, 2023, 06:07:48 PM

I saw this apparently they are linked up with ICICI Bank and require verification from there.

Has anyone tried this ? Whats the adv of testing it out ?

I haven't tried it till now but as I mentioned earlier their is a full video on YouTube about it by LLA. They did connect their wallet to their ICICI bank account and did a few transactions to demonstrate how it works. At the moment it will only work when someone has that wallet installed and active on their device. It is still in trial basis cannot quote any advantage for now, you can apply and give it a try if you want to use it.

Unless they are going to gve some airdrop or something why would I help the central banksters steal more money and track people via cbdc?

pakhitheboss

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Activity: 2100

Merit: 771

Top Crypto Casino

Quote from: baristor on July 06, 2023, 06:07:48 PM

I saw this apparently they are linked up with ICICI Bank and require verification from there.

Has anyone tried this ? Whats the adv of testing it out ?

I haven't tried it till now but as I mentioned earlier their is a full video on YouTube about it by LLA. They did connect their wallet to their ICICI bank account and did a few transactions to demonstrate how it works. At the moment it will only work when someone has that wallet installed and active on their device. It is still in trial basis cannot quote any advantage for now, you can apply and give it a try if you want to use it.

baristor

sr. member

Activity: 631

Merit: 260

I saw this apparently they are linked up with ICICI Bank and require verification from there.

Has anyone tried this ? Whats the adv of testing it out ?

pakhitheboss

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Activity: 2100

Merit: 771

Top Crypto Casino

Quote from: pawanjain on July 02, 2023, 10:11:43 AM

I don't think the issue you mentioned with UPI will happen with eRupee because it is running on a blockchain and the transactions are P2P.
So if the eRupee is debited from your wallet it directly means it is credited to the other wallet.

I believe this is a good move because it will have the capability to solve many issues we currently have with fiat cash.
It will help in counterfeiting notes and will also help the government with anti money laundering.
It will also help in giving out loans, fight corruption and the capabilities are endless.

P.S: I didn't notice @pakhitheboss mentioned the video already else I wouldn't have posted it again.

Not a big issue, you gave a very detailed explanation of the video. I only saw the video and informed everyone to watch it and do their own research. I also feel UPI issues cannot be related to CBDC, there might be other issues that we will come to know when we start using it. I am pretty much excited with this new technology as I was when using UPI in the initial days.

pawanjain

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Quote from: elevates on July 02, 2023, 10:05:05 AM

Quote from: pawanjain on July 01, 2023, 08:58:50 AM

Just found a detailed video on Youtube by Labour Law Advisor on eRupee and it has cleared many doubts.
Here's the link everyone should watch How to use e-Rupee | Digital Rupee App Tutorial | CBDC

In the year 2021-2022 the government spent around 5000 crore rupees for printing cash and the year previous to that it spent around 4000 crore rupees just to print more cash.
The eRupee will be a digital currency issued by the RBI. It will be a legal tender backed by RBI. So the cost of ~~printing~~ issuing more money will become zero.

The key takeaways from the video are:

It will work on top of a Centralized Private blockchain which will be controlled by RBI.
Holders need not have a bank account for holding eRupee.
Transactions will remain anonymous for small values but can be traceable for higher values.
It will be energy efficient when compared to cash.
It will improve cross border transactions.
In future, it will become interoperable with UPI and we will be able to scan UPI QR codes to send them eRupee.

Note: Currently, eRupee is only on invite basis but it will soon be rolled out for public use.

Great summarising for the video posted by LLA. I did see the video as it was shared earlier in this thread by pakhitheboss. I still have questions about the Blockchain used by RBI to run the digital rupee. As of now we sometime face issues with UPI as in the transaction getting canceled or getting debited but not reaching the client. I am expecting somewhat like the mentioned situation with this wallet. When it happens RBI might get a backlash. What I assume the government wants is to simply eradicate cash, card, and credit transaction from the system. I do feel they as in the government might succed.

I don't think the issue you mentioned with UPI will happen with eRupee because it is running on a blockchain and the transactions are P2P.
So if the eRupee is debited from your wallet it directly means it is credited to the other wallet.

I believe this is a good move because it will have the capability to solve many issues we currently have with fiat cash.
It will help in counterfeiting notes and will also help the government with anti money laundering.
It will also help in giving out loans, fight corruption and the capabilities are endless.

P.S: I didn't notice @pakhitheboss mentioned the video already else I wouldn't have posted it again.

Topic: CBDC/eRuppe wallet is currently being tested! (Read 283 times)