E-Rupee & E-Ruble: Blockchain-Powered Digital Currencies
The E-Rupee (India) and E-Ruble (Russia) are Central Bank Digital Currencies (CBDCs) designed to modernize traditional money using advanced blockchain-inspired technology. Unlike Bitcoin or Ethereum, these digital currencies are government-backed, regulated, and stable, representing the digital form of their respective national currencies.
The E-Rupee, issued by the Reserve Bank of India (RBI), uses a permissioned Distributed Ledger Technology (DLT) rather than a fully decentralized public blockchain. This allows the RBI to maintain control while benefiting from blockchain features like tamper-proof records, transparency, faster settlements, and reduced transaction costs. The E-Rupee supports both retail use (CBDC-R) for citizens and wholesale use (CBDC-W) for banks, enabling instant peer-to-peer payments without intermediaries.
Similarly, the E-Ruble, developed by the Central Bank of Russia, leverages blockchain-based architecture to ensure secure, traceable, and programmable transactions. One major focus of the E-Ruble is enabling offline payments, which makes it usable even without internet connectivity. It also aims to reduce reliance on foreign payment systems and improve cross-border trade efficiency.
Both digital currencies use smart-contract-like mechanisms to enable programmable money—such as automatic tax deductions, subsidy distribution, and controlled fund usage. This reduces fraud and increases efficiency in government welfare systems.
However, these CBDCs differ from cryptocurrencies because they do not offer anonymity or decentralization. Instead, they prioritize financial stability, regulatory compliance, and national monetary control.
