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Indian CBDC can’t be converted to Cash directly... and more..

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Indian CBDC can’t be converted to Cash directly... and more..

Subtle Bits of Web3 - Week 3, Jan 2023

Jan 21, 2023
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Indian CBDC can’t be converted to Cash directly... and more..

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Indian CBDC eRupee can’t be Converted directly into Cash

eRupee, Indian CBDC can’t be directly converted to Cash

  • RBI launched the eRupee last December to act as a legal tender.

  • eRupee will act as a “liability” on the RBI’s balance sheet, and the RBI will be responsible for the expenses related to the eRupee.

  • Thus, the merchants will not be charged MDR.

  • MDR(Merchant Discount Rate) is the fee or percentage merchants pay to financial institutions to enable them to accept card payments.

  • YesBank, IDFC Bank, and ICICI Bank have made the digital e-wallet available for download.

  • More Details

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China’s digital yuan gets smart contract functionality

  • Digital Yuan or eCNY has received a few major upgrades recently including smart contracts.

  • The smart contract function was launched on the Meituan app, a Chinese app offering retail and food delivery services.

  • When Meituan users place an order and pay with their e-CNY wallet, a smart contract triggers and searches for keywords and purchased items in their order. If a user buys something on the list of keywords for the day, they go in the draw to win part of a prize.

  • Investors can also use the eCNY CBDC to buy securities for the first time.

  • The digital yuan wallet app also received an update with users now able to make contactless payments using Android phones even if their device is without internet.

  • The new uses for the digital yuan come as China has been struggling with the adoption rate of its CBDC.

  • More Details


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