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What is Yes bank digital rupees online?
YES BANK announced participation in the pilot of the Digital Rupee (e₹), a new form of currency launched by the Reserve Bank of India (RBI). Digital Rupee (e₹) is a legal tender, similar to the sovereign paper currency, and is issued in digital form by the RBI.
The Yes Bank has rolled out the RBI’s Central Bank Digital Currency (CBDC) for its closed user group (CUG), comprising its retail customers and merchants. YES BANK is one of the 4 banks identified by the RBI under the first pilot of its digital currency (e₹) for the retail market.
How do the Yes bank digital rupees work online?
According to Yes bank they will issue digital currency in retail to its Close user group customers only during the pilot project. The CUG customers will be a bank and its prime account holders. Only a few prime account holders will able to do transactions due to limitations and banks will serve the access first come first serve basis.
How to download the Yes bank digital rupee app, online?
The Yes bank has issued a link to download the Yes bank retail rupees app. Right now only a few prime customers are able to access the retail rupee app and the rest is getting please try again.
Apart from the website you can download the Yes bank digital rupees wallet app from the Google Play store or click here to download Yes bank digital rupee app.
Main features of Yes bank Digital rupees
· Digital currency is issued with similar features and denominations as cash
· Legal tender backed by RBI directly, hence the highest level of trust
· Token-based, hence instant settlement and delivers finality to the transaction
· Provides better anonymity than traditional digital money
· Carrying cash is bulky but no restrictions on holding CBDC
Is Yes bank digital rupee wallet safe?
All transactions by Yes Bank digital wallet will be safe and secure but if your mobile phone will be hacked or you will share your Union digital rupee wallet secret key with others. Your balance may be “0” within a minute.
Are there any transaction charges on Yes bank digital rupee wallet?
Right now, several wallet companies are charging some transaction charges on crypto transactions, which is commission or slippage. Yes, Yes Bank can change yearly digital wallet charges or transaction charges, or merchant fees but during the pilot phase, it is free of cost.
