Digital Rupee is a type of cryptocurrency that was developed to provide an efficient and secure digital payment solution in India. It operates on a decentralized network similar to other cryptocurrencies such as Bitcoin, but it has been specifically designed for users in India.
The Digital Rupee project began development in 2018 with the goal of providing Indian citizens with access to the same financial services available to people living in more advanced economies around the world. The team behind this project is comprised of experts from various fields including technology, finance and economics which have enabled them to develop a robust system that supports transactions across borders without relying on traditional banking systems or government regulation.
The unique feature of Digital Rupee lies within its use case: Its primary purpose is not only for payments but also for conducting real-time settlements between two parties located anywhere in the world instantly – all while keeping transaction fees low and offering high security standards through blockchain technology. This makes it ideal for international trade, remittances, investments and global commerce operations at large scale – thus enabling Indians worldwide to make payments securely without having any concern about foreign exchange regulations or fluctuations.
Transactions conducted using Digital Rupee are secured by smart contracts which utilize strong cryptography principles making sure no third party can interfere during transactions; making it highly secure yet easy-to-use platform even when compared against existing payment solutions like credit/debit cards & bank wires etc.. Additionally due its design structure; users don’t need prior knowledge about blockchain technologies nor do they need any specific software applications installed beforehand allowing anyone who knows how navigate normal websites be able take advantage right away!
Finally unlike many other forms of virtual currency (such as Bitcoin) there’s no mining involved since all coins already exist premined into circulation therefore eliminating environmental costs associated with mining activities typically found elsewhere throughout industry today
