India government launch e-Rupi, it's good for india?

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Quote from: semobo on August 03, 2021, 09:00:01 AM

Quote from: sujoy12 on August 02, 2021, 06:54:58 AM

Taking the first step towards having a digital currency in the country,
Prime Minister Narendra Modi will launch an electronic voucher based digital payment system “e-RUPI” Monday.

The platform which has been developed by the National Payments Corporation of India (NPCI), Department of Financial services, Ministry of Health and Family Welfare and the National Health Authority, will be a person-specific and purpose-specific payment system.

E-RUPI is a cashless and contactless digital payment medium, which will be delivered to the mobile phone of beneficiaries in from of an SMS string or QR code.

India government going to accept the cryptocurrency or blockchain technology? Drope your thinking?

Its not actually a cryptocurrency, just a payment mode using blockchain technology or even they can use others but its nothing different from their original fist currency nor going to be talked by other country. Did they launched the project for public? I don't think they made it because I don't see anything related to that on social media.

- India today is just flooded with options as well as asking for an urgent aid from neighboring countries, even more distant countries with stronger economies because they are so weak against the pandemic and their society has turned to hell in recent months, quite a sad picture for a country. Every day is a different emergency, the Indian government is probably also struggling and working with international organizations on vaccination, another type of payment is probably not their priority, this could be a small rumor

bamb

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Indian government have been negative towards Cryptocurrency, they must have thought Cryptocurrency is going to cripple their ability to print more money or to collect taxes! The e-rupi is the same thing as the fiat Rupee. The e currency with proper decentralisation and governance is the currency of the future!

kumala_abi

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Quote from: semobo on August 03, 2021, 09:00:01 AM

Its not actually a cryptocurrency, just a payment mode using blockchain technology or even they can use others but its nothing different from their original fist currency nor going to be talked by other country. Did they launched the project for public? I don't think they made it because I don't see anything related to that on social media.

is it could called as blockchain technology adoption ? although they said it is not cryptocurrency but while using blockchain technology indirectly its as cryptocurrency.India made good step it this project continuely running and i know this county really excited everthing about technology . Soon or later they will make publication for it.

semobo

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Quote from: sujoy12 on August 02, 2021, 06:54:58 AM

Taking the first step towards having a digital currency in the country,
Prime Minister Narendra Modi will launch an electronic voucher based digital payment system “e-RUPI” Monday.

The platform which has been developed by the National Payments Corporation of India (NPCI), Department of Financial services, Ministry of Health and Family Welfare and the National Health Authority, will be a person-specific and purpose-specific payment system.

E-RUPI is a cashless and contactless digital payment medium, which will be delivered to the mobile phone of beneficiaries in from of an SMS string or QR code.

India government going to accept the cryptocurrency or blockchain technology? Drope your thinking?

Its not actually a cryptocurrency, just a payment mode using blockchain technology or even they can use others but its nothing different from their original fist currency nor going to be talked by other country. Did they launched the project for public? I don't think they made it because I don't see anything related to that on social media.

Evgenklm

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any adoption of cryptocurrency in different parts of the world is always good, India is a country of contrasts and there the adoption of crypto will affect the market in different ways , as well as the government can change its point of view at any time, in any case, time will tell.

reza7777

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If I read the article on google, the concept described is indeed very good for Indians and will make it easier for them to make transactions but in the article I don't find that e-Rupi will be related to crypto

TastyChillySauce00

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as long it exist for purpose to make life easier i think it's good, after all india has really huge population compared to other countries and this kind of thing if adopted properly could help boost their economy. india could become yet another big country that is advanced in technology and probably plays a big role in the future. but we should first see how their e-rupi could truly effect their economy first before judging further, because at this time we can only speculate.

passwordnow

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So it's going to be like Alipay of China. There's no intervention with cryptocurrencies with that upgrade and that's fiat made digitally and adopted the current technology that they already have. As for blockchain technology and cryptocurrencies, they may adopt it but it's going to be different and won't be the same as what they've done for the e-rupi. Still hopeful that the government of India would be very open to the adoption of cryptocurrencies without anything to worry from such.

guydin

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It seems like India is going to run emission of its national digital currency. Like China with its digital yuan. And as far as I am concerned,I don't believe in any digital state currencies. They will still be regulated by the government. The main feature of digital money is decentralisation and uncontrollability from authorities, but digital euros, rubles, yuan will be under control, so it is the same as just non-cash money but on blockchain instead of bank account.

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For a county with a big population like India, I think this is very useful and timely.

The world is moving into a digital world and India should compete with that.
I believe they are already positive with crypto, so this is a good sign that they support the digital currency and it will help their economy improved.

most likely more countries will launch their own e-currency as they are inspired with how successful crypto is and the blockchain technology.

vv181

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Quote from: 20kevin20 on August 02, 2021, 09:01:34 AM

I personally don't think the launch of digital fiat currencies has anything to do with the acceptance of crypto. Might be just me though.

They care about launching a digital coin to draw attention away from crypto. Do people really think governments will create a scarce, decentralized crypto with an actual future? The only future CBDCs will have is one of surveillance and full control.

Actually, e-Rupi is far from CDBC since it's just a digital payment system. Though, India is also planning to develop their own CDBC.

On other hand, I'm also considering that CDBC has no correlation with the acceptance of cryptocurrencies. If some countries want to accept cryptocurrency, it does not rely on their CDBC first. In fact, CDBC is their response to the hype of cryptocurrencies markets, they need something that they can control, and what makes their people use it instead of using any decentralized crypto.

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Quote from: wajik-tempe on August 02, 2021, 11:23:11 AM

The tech improvement has going crazy in india, most of programmers around the world are from india and the people who gave programming tutorial on the internet mostly from india. So that's why they ready with this kind of technology improvement in terms of finance. But i think they are not using blockchain, they developed digital currency that still under control by the government and i think it's not blockchain yet.

definitely, e-rupi is just the digital version of their fiat money and is still controlled by the government. but once people are getting oriented using digital cash payment, it may pave the way to potential use of crypto as other options for digital payment as bitkanu stated also. but we dont know yet what is their final take towards crypto adoption as they have fluctuating approach towards crypto. are they going to finally accept the existence of btc and other alts in their system along with CBDC?

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Quote from: bitkanu on August 02, 2021, 11:14:55 AM

E-rupi can be used as a new way for the fresh money to enter in the crypto just like various payment system that already exist in the market such as paypal.
It's good for india and crypto. Crypto market can connect with the E-rupi in the future. This will also be applied in the all of the CBDC that will be issued by the government.
The era for CBDC bridge is coming

Efforts to improve the relationship between fiat and crypto are very close, in the future the E-rupi application is very confident to adopt crypto or vice versa because digital fiat is one step closer to crypto exchanges.

wajik-tempe

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The tech improvement has going crazy in india, most of programmers around the world are from india and the people who gave programming tutorial on the internet mostly from india. So that's why they ready with this kind of technology improvement in terms of finance. But i think they are not using blockchain, they developed digital currency that still under control by the government and i think it's not blockchain yet.

bitkanu

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E-rupi can be used as a new way for the fresh money to enter in the crypto just like various payment system that already exist in the market such as paypal.
It's good for india and crypto. Crypto market can connect with the E-rupi in the future. This will also be applied in the all of the CBDC that will be issued by the government.
The era for CBDC bridge is coming

Teknisi88

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I see this is a good breakthrough for them.
E-rupe is a digital payment tool without cash and without contact.
The user of this smooth one-time payment mechanism will be able to redeem vouchers without cards, digital payment applications, or internet banking access, in service providers.
https://yeclanodeportivo.com

Ziskinberg

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That seems so good if their netizens will found this helping in their situation but I don't think so. What I think for this such creation is to keep their people out of crypto. Some countries are also creating their own digital currencies but it feels no help at all and the people will look into crypto as they can make money for this.

What I could say in this thing is probably a failure on their ends. It doesn't need for them to promote this e-Rupi if their people aren't prepared for this and I am sure that they are preferred fiat than having this digital currency of their own.

zasad@

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https://www.bgsbuniversity.org/e-rupi-website-app-download-uses/
I found this information on the internet.
If you read the article, they don't write anything about cryptocurrency.
This is a new payment system in India supported by more than 10 banks
https://pib.gov.in/PressReleaseIframePage.aspx?PRID=1741110
India does not want to lag behind global trends

7788bitcoin

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Quote from: sujoy12 on August 02, 2021, 06:54:58 AM

Taking the first step towards having a digital currency in the country,
Prime Minister Narendra Modi will launch an electronic voucher based digital payment system “e-RUPI” Monday.

He looks like a dictator in the making and i have seen the ways in which he shuts down peaceful protest and putting people in jail including journalist which is not great and what i would like to know is whether he will be enforcing that to people Grin

.

Quote from: sujoy12 on August 02, 2021, 06:54:58 AM

The platform which has been developed by the National Payments Corporation of India (NPCI), Department of Financial services, Ministry of Health and Family Welfare and the National Health Authority, will be a person-specific and purpose-specific payment system.

So the digital currency is created for specific purposes and to send out to family welfare and you think it will the adopted by everyone.

Quote from: sujoy12 on August 02, 2021, 06:54:58 AM

E-RUPI is a cashless and contactless digital payment medium, which will be delivered to the mobile phone of beneficiaries in from of an SMS string or QR code.
India government going to accept the cryptocurrency or blockchain technology? Drope your thinking?

We cannot call this cryptocurrency adoption, creating a shitcoin and forcing others to hold does not mean they are adopting anything Tongue

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hugeblack

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I think such a technique is already used and some African countries used AFAIK, Nigeria used similar system.
making digital central coins are not the problem but it lies in the nature of those currencies is central or not?
The digital central currencies easier to print, are not very transparent (based on the model) and governments will control almost all transactions.
Some governments create payment networks to arrive for people who can not access banks.

Ever-young

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Well for me it will be a great deal for the citizen's, for it's government to create a digital currency in order to create a fast and reliable transaction, although it's centralized is one step forward that room for other digital currency will emerge and as such full adoptation into the blockchain technology will commence in anytime soon. Because one of the aim of crypto currency is to secure a fast and reliable payment which is as same objective for currency created by the Indian Government.

20kevin20

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I personally don't think the launch of digital fiat currencies has anything to do with the acceptance of crypto. Might be just me though.

They care about launching a digital coin to draw attention away from crypto. Do people really think governments will create a scarce, decentralized crypto with an actual future? The only future CBDCs will have is one of surveillance and full control.

joniboini

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At the very least, I don't think it's revolutionary. From your description, it seems like it's just another digital network for fiat. Blockchain is not necessary for that, and even if they use it, it's probably a private one (so, essentially just a centralized database).

That being said, it's definitely practical and can help end-users to get faster transactions etc. If it can at least replace RTGS completely then it will be a great deal.

sujoy12

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Taking the first step towards having a digital currency in the country,
Prime Minister Narendra Modi will launch an electronic voucher based digital payment system “e-RUPI” Monday.

The platform which has been developed by the National Payments Corporation of India (NPCI), Department of Financial services, Ministry of Health and Family Welfare and the National Health Authority, will be a person-specific and purpose-specific payment system.

E-RUPI is a cashless and contactless digital payment medium, which will be delivered to the mobile phone of beneficiaries in from of an SMS string or QR code.

India government going to accept the cryptocurrency or blockchain technology? Drope your thinking?

Topic: India government launch e-Rupi, it's good for india? (Read 210 times)