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Shared August 23, 2023
While digital transactions might seem secure because of encryption and authentication mechanisms, they're not immune to cyber threats.
Hacking, phishing, and data breaches could lead to unauthorized access to your digital wallet, resulting in financial losses and compromised personal information.
Also, while the Digital Rupee aims to make transactions more accessible, it's crucial to remember that not everyone has a bank account or access to the necessary digital infrastructure.
Initially, RBI announced anyone can access the Digital Rupee wallet without any bank account. But as of now, in the pilot, you need to link your bank account with the wallet to gain access and add money to your digital Rupee wallet.
In cash transactions, banks didn’t have any data on your spending. But through linking bank accounts to the Digital Rupee wallet, they may receive additional data on your spending.
Read more about the problems with Digital Rupee and know whether the Digital Rupee replace cash completely in our blog.
Link - wp.me/pe5xoh-12L
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