India, Nov. 30 -- Digitization has had far-reaching effects in redefining and shaping global economies. With the world around us becoming more hyper-connected, central banks globally are toying with the idea of launching their very own version of digital currency. India has recently joined the Central Bank Digital Currency (CBDC) bandwagon. In what must have been one of the biggest announcements in the Union Budget speech this year, the Minister of Finance, Nirmala Sitharam proposed the introduction of digital rupee by the Reserve Bank of India (RBI) using blockchain technology.

In a bid to give a boost to the growing digital economy, the Finance Minister proposed the launch of the digital rupee or the e-rupee (eRs.) which is India's ver...