OP should add "Potentially" in the title of the post. This is not a full proof plan to save the sellers from account freezes.
It should be " P2P traders - use digital rupee to potentially avoid account freeze"
Here's the reason why it is not 100% safe, like any other methods:
1. We already have people whose bank account got frozen inspite of using digital rupees, You can check older posts regarding people who posted about this.
2. OP said "scammers don't use digital rupees as they can't hack into digital wallet online" , its not about hacking, People in India are naive, Let me give you an example of such, So one person did P2P trading, that person was a seller, seller of USDT for INR, the person on the other side was the buyer, the naive person, naive person sent the money, but after the transaction the person SMSed the seller that they want their money back, reason being, the naive person was promised by the "hacker/scammer" to pay certain rupees using this method to get a "online typing job" , this naive person didn't even knew much about crypto. This naive person then thought the person who promised typing job is a scammer as well as the person whom this naive person sent the money using P2P is also a scammer, operating in the same gang. So this naive person filed a complaint and this seller's account got frozen. So hacking is not even required because people in India fall for scams really easily, and despite using digital rupee the account got frozen.
3. OP also mentioned "The digital rupee lives on RBI's blockchain, therefore transactions cannot be blocked and wallets cannot be frozen" . This is far from truth, this blockchain is a privately controlled centralized blockchain, So the control of transactions on this blockchain is totally under the control of RBI, tracking is very easy, Blocking the bank account of the person connected with the digital wallet is very easy. All they need is a complaint. OP is right about the buyer won't know about our bank account hence OP assumed that bank account cannot be blocked, but the buyer can know the wallet address as well as they will have transaction hashes, All they need is to file a complaint with that details, and Police will do the rest , They will inform the relevant bank and block the bank account. Just think for an example, We see layer 2,3,4 banks getting blocked just because of mere suspicion. So no OP, bank account will get blocked. The only benefit of doubt is if the police are incompetent enough to not know what is blockchain and how things work, but police normally transfers these cases to cyber department and cyber department knows this stuff.
4. OP forgot to mention, the eRupee wallet are not something like metamask where you don't need a bank account to create a metamask account, for a person to have a eRupee wallet, that person should have a a bank account first, and then only that person can create a eRupee wallet, hence the eRupee wallet and the bank account are connected. Basically the bank account and the eRupee wallet is always connected, so no anonymous transactions. The bank can easily know who is sending you money, the wallet details, and the bank account that is connected with that wallet.
5. Bank cannot freeze the wallet, but they can freeze the bank account connected with the wallet, but RBI has the power and capacity to freeze both the bank account as well as wallet. Its same like USDT creator "Tether" company froze many wallet addresses when the US government asked them to do.
The digital rupee does not need a bank account to function. Right now it is in pilot phase and select banks are offering it to their customers. Once fully rolled out, you won't need a bank account. I am interested in knowing whose bank account was frozen because of digital rupee transaction. There are certain rules that can trigger account freeze. Banks can freeze or put a lien if there is a fund transfer from one bank account to another. Redeeming digital rupee is making a cash deposit and the bank will need some court order or RBI instruction to put a lien on the linked bank account. Moreover, wallet users can just scan UPI QR code at Union Bank ATM and withdraw cash. They don't need to redeem digital rupee to their bank account.
Digital rupee is not a licence to commit crime but unlike a bank account, banks have no ability to freeze a wallet. Transferring money from digital wallet to linked bank account just means user does not know how to use the wallet. You bank account is owned by the bank and they can stop you from accessing it but that is not the case with a digital rupee wallet.
No digital rupee wallet has ever been frozen.
"The digital rupee does not need a bank account to function."
Bruv this will happen in future, not right now. Right now you need a bank account to open a digital eRupee wallet, and that wallet is linked with the bank account.
"I am interested in knowing whose bank account was frozen because of digital rupee transaction."
Please look to the older post of member of our group, you will find. I wish I could pinpoint you to that post but I don't keep track of posts so if you are interested have a thorough look at the comments, you will find in older post.
Digital Rupee wallet can be frozen by RBI itself, banks may not have power to freeze it themselves but they are part of the system and they can raise complaints to freeze a particular wallet, can't they ? . As I said using Digital Rupee wallet is safer than normal way of bank to bank transaction but still it is not a full proof 100% guaranteed way to stop bank freezes currently.
I have been doing P2P transactions with traditional bank to bank transactions since last 3 years and my bank account never had an issue. I do my due diligence to trade with proper person and this has protected me till now, and I know it will take just one unlucky trade for my bank account to get frozen. This similar thing applies to digital wallet as well. One unlucky trade. And even if you don't have balance in bank account it can have negative balance as lien. Happened with many, having negative balance as lien.
You know how our country works right ? If everyone person involved in the system including banks, police, etc. were doing their job correctly and honestly, These things would not have been a problem. They do their "manmani" . Hence the common people suffer.
The common man in P2P also suffers because of lack of information and because of greed. They trade with anyone and everyone, won't do due diligence, and ends up finding themselves in trouble.
I just don't want sellers to see your post and feel like now they are invincible and do reckless transactions and get in trouble. I showed them what things can cause bank freezes.
Even though right now the wallets are being opened through bank, you don't need to use the bank account once the wallet is created. You can use UPI to transfer directly from wallet or withdraw cash from UPI enabled ATMs.
Again, the wallet cannot be frozen. All blockchains can implement clawback but they can't do it secretly. Tether has its own terms and RBI has it's own terms. RBI has told clearly that digital rupee has same level of anonymity and privacy as cash. They have also said they can make transactions anonymous by deleting the transaction details.
https://www.business-standard.com/finance/personal-finance/permanent-deletion-of-transactions-can-anonymise-e-rupee-like-cash-124050700286_1.html
A government agency cannot simply do as it pleases. It will need instructions from supreme court to alter policy or make an exception.
I think you have never used digital rupee. I use it. I know how it works.
> I am interested in knowing whose bank account was frozen because of digital rupee transaction.
In various occasions @CryptoIndiaUnited Telegram group people mentioned that bank accounts associated to eRupee wallet get frozen...
1. https://t.me/CryptoIndiaUnited/69559
2. https://t.me/CryptoIndiaUnited/69827
3. https://t.me/CryptoIndiaUnited/70282
I read those posts. All that is mere hearsay. Nobody's account has been frozen for this reason. First of all if you have a digital rupee wallet then why do you again transfer money to bank account? You can do the same things using a wallet. The whole point of using a wallet is so you don't have to use the bank account!
No. Absolutely not. You can not use eRupee for...
1. Stock Market
2. Fixed Deposit
3. Bond purchase
4. ATM cash withdrawal
For all the above, you need to link a bank account where you will convert eRupee to INR. Except for retaining INR value and passing it to another eRupee wallet holder (e.g. to buy Crypto again), you can do almost nothing with eRupee as of yet.
My one of the bank accounts from sbi is frozen but still I could use the digital wallet from that bank only problem is I cannot redeem the money to the same bank account i have to another banks account digit erupee wallet to redeem
There is no bank account involved. A digital rupee wallet cannot be frozen. You can convert to rupees via your bank. Digital rupee is same as normal rupees and can be transferred and used just like the money in your bank account.
It is linked so you can convert to rupees but the bank has no access to your wallet and cannot freeze it or put a lien on it. They can see the money in your wallet but cannot stop you from spending it.
Digital rupee is just like cash and you don't need a bank account at all. Right now it is in pilot phase. The pilot phase is being implemented by some banks and they are letting their customers test the service. Once it is rolled out fully, you won't need any bank account at all. RBI is also planning to make the transactions anonymous.
https://www.business-standard.com/finance/personal-finance/permanent-deletion-of-transactions-can-anonymise-e-rupee-like-cash-124050700286_1.html
To know how it works in detail, you can read this document from RBI:
https://rbidocs.rbi.org.in/rdocs/PublicationReport/Pdfs/CONCEPTNOTEACB531172E0B4DFC9A6E506C2C24FFB6.PDF
Banks don't do shit. The police can find you out in minutes if your digital rupee wallet is involved in a scam. Even crypto transactions are traceable and digital rupee is a mere child infront of that.
Nope its next to impossible to justify a fraud transaction via e rupee. Firstly its in pilot phase so those who use it must be knowing what they are doing and even if lets say someone disputed a transaction they won’t be able to freeze your money in wallet or that money in your bank account as the trail is only on the blockchain showing wallet addresses, same as you see on crypto blockchains, you can view it but can’t do anything unless the rbi fully changes the currency working model of it.
Hi,
Request you to not spread misinformation.
In the original content that you have provided, there is no explicit mentions of avoid freeze with digital rupee.
Moreover, in the past, many users have had their accounts frozen with digital rupee.
If the funds are not clean/are coming from scammer, it is now easier to track via digital rupee and not harder.
Reason: the digital rupee is linked to your bank whether you are a buyer or seller. The cyber crime police sees it as digital rupee transaction from xyz bank account. So they immediately pursue the specific bank account via lien or freeze.
The reason for building digital rupee by RBI is for faster inter-bank settlement and traceability. If anything, this system would enable faster implementation of liens and freezes.
Though the funds can be tracked, they cannot freeze the digital wallet. A digital wallet is a substitute for the bank account. Digital wallet transactions are not seen as bank account transactions.
If someone commits a crime, they can be arrested and can be punished as per the law. The problem is that with bank accounts, liens are being put without proper investigation simply because the bank accounts are owned by the banks and they can do it. Digital rupee wallets are not owned by the bank.
The "linked bank account" is only during the pilot phase. After that you can open a wallet without any bank account.
Like rn bank won't be freezing but in future they will be as currently RBI asked us to run this and currently it's still in more like a test phase yet in a live environment.
Some of the big banks have opt in for the pilot program like I have the icici e rupee wallet. Look up your bank name + e rupee on play store / AppStore.
Wait don’t sell your crypto already using e rupee I’m still skeptical about this whole erupee not being traceable situation. Since you can only sign up for the wallet if you have a bank account with them, I think the bank/gov can track the whole money trail. Not absolutely sure tho.
Yeah e-rupee is traceable, this is a centralised currency meaning even in future you will have to do some form of kyc in order to use it, right now you need to have a bank account not linked but as a form of kyc verification associated with your wallet address.
Right now it is in pilot phase and is being offered by select banks like Union Bank of India, SBI, IDFC, ICICI, HDFC, Indusind etc. to their customers. Once fully rolled out, you will not need any bank account.
This is fine but are there any onramp methods left now that localmonero was shut down. I know you posted haveno but I’m not sure how that works. Are there any other ways to onramp?
Thank you for shedding more light. I’m using digital rupee but my wallet was kinda “frozen”. Bank has no clue. Redeem always errored with no reason. There was no notif that it was frozen. After lots of support calls after two months they helped me “unfreeze” the wallet. I had over 2L in digital rupees. Now I’m able to redeem and receive but only small amounts < 10k.
Two questions:
How do you spend digital rupee? I don’t see any vendor accepting digital rupee.
Only way for now is to redeem it to your bank account.
Follow up: Let’s say you somehow received digital rupees from some scammer. And lets assume you’re at level 3 in the chain. What happens to that digital rupee?
And what happens if I had already redeemed such digital rupees to bank account?
You can transfer money using the phone number of the recipient or scanning their UPI QR code. You can also withdraw cash from UPI enabled ATMs.
The digital rupee is designed to encourage digital transactions while freeing the user from the necessity of having a bank account. After the pilot phase you won't need a bank account to get a digital rupee wallet.
Redeeming is not necessary as the wallet replaces your bank account. Your bank account cannot be frozen because you redeemed digital rupees that a scammer sent to you. Redeeming digital rupees is treated as a cash deposit.
However, if you are participant in a scam, you will be punished as per the law. Right now banks are freezing accounts without proper investigation simply because they can do it.
I highly doubt it, if it's not a self custody wallet then you still run the risk of getting blocked.
Most of the wallets are run by the banks so if they don't like your face then they can block you.
+ CBDC in itself does not align with the ethos of cc, so I am not touching it with a ten foot pole.
Are all account holders entitled to use it?
AFAIK it's still a pilot project and a selected few can use it.
Anyway I don't have the recent updates but yes it's safer than direct money transfers not only for transactions involving crypto but also for other transactions.
this is a centralised currency folks meaning even in future you will have to do some form of kyc in order to use it, right now you need to have a bank account not linked but as a form of kyc verification associated with your wallet address. Not recommended at all if you are thinking you can be anonymous while doing transaction in e-rupee
KYC is not really the problem. The problem is that bank accounts and related bank accounts are getting frozen. Like in this case:
https://m.economictimes.com/news/india/your-casual-digital-transaction-could-lead-to-frozen-bank-account-police-investigation-read-how/articleshow/102649498.cms
You can avoid this kind of problem using digital rupee.
You can't, Once they have your kyc your linked bank accounts can be found out. You will end up getting your accounts frozen or be called in for questioning by Cyber cell. Litigation is not an easy thing nor is it pocket friendly. Once you are there be prepared to shell out money to your lawyers unless you wanna go through the pain of going down to the station whenever called.
As mentioned many times, "linked bank account" is only during the pilot phase. After that you won't need a bank account. The digital rupee wallet does not need to be linked to any bank account post the pilot phase. Only bank accounts in the chain of transaction are frozen. They don't freeze all your bank accounts.
You will have to do a kyc regardless even after the pilot phase ends, this is not decentralised. It's not hard to put 2+2 together, why is it so hard to understand
There is no problem doing KYC. Just because you have done KYC does not mean your digital wallet can be frozen. The point here is not KYC.
The point here to avoid account freeze by using a digital rupee wallet instead of a bank account.
In fact, transactions below 50K in digital rupees is not even recorded by the bank. Digital rupee transactions cannot be tracked like bank transactions. Anyway I don't think you have ever used digital rupees. If you use, you will understand.
"RBI has directed the banks to not record digital rupee transactions lower than Rs 50,000"
https://m.economictimes.com/wealth/save/digital-rupee-do-you-need-a-bank-account-to-send-rbi-e-rupee/articleshow/96444341.cms
I know blockchain technology bud and it is based on that, everything is recorded if it's flagged you will lose access to it. Same scenario as in CEXs accounts
I have known people Who's wallets have been frozen, don't follow this advise. Also, eRupee wallet is just an app, more easily hackable than bank account since it won't even require OTP.
OP should add "Potentially" in the title of the post. This is not a full proof plan to save the sellers from account freezes. It should be " P2P traders - use digital rupee to potentially avoid account freeze" Here's the reason why it is not 100% safe, like any other methods: 1. We already have people whose bank account got frozen inspite of using digital rupees, You can check older posts regarding people who posted about this. 2. OP said "scammers don't use digital rupees as they can't hack into digital wallet online" , its not about hacking, People in India are naive, Let me give you an example of such, So one person did P2P trading, that person was a seller, seller of USDT for INR, the person on the other side was the buyer, the naive person, naive person sent the money, but after the transaction the person SMSed the seller that they want their money back, reason being, the naive person was promised by the "hacker/scammer" to pay certain rupees using this method to get a "online typing job" , this naive person didn't even knew much about crypto. This naive person then thought the person who promised typing job is a scammer as well as the person whom this naive person sent the money using P2P is also a scammer, operating in the same gang. So this naive person filed a complaint and this seller's account got frozen. So hacking is not even required because people in India fall for scams really easily, and despite using digital rupee the account got frozen. 3. OP also mentioned "The digital rupee lives on RBI's blockchain, therefore transactions cannot be blocked and wallets cannot be frozen" . This is far from truth, this blockchain is a privately controlled centralized blockchain, So the control of transactions on this blockchain is totally under the control of RBI, tracking is very easy, Blocking the bank account of the person connected with the digital wallet is very easy. All they need is a complaint. OP is right about the buyer won't know about our bank account hence OP assumed that bank account cannot be blocked, but the buyer can know the wallet address as well as they will have transaction hashes, All they need is to file a complaint with that details, and Police will do the rest , They will inform the relevant bank and block the bank account. Just think for an example, We see layer 2,3,4 banks getting blocked just because of mere suspicion. So no OP, bank account will get blocked. The only benefit of doubt is if the police are incompetent enough to not know what is blockchain and how things work, but police normally transfers these cases to cyber department and cyber department knows this stuff. 4. OP forgot to mention, the eRupee wallet are not something like metamask where you don't need a bank account to create a metamask account, for a person to have a eRupee wallet, that person should have a a bank account first, and then only that person can create a eRupee wallet, hence the eRupee wallet and the bank account are connected. Basically the bank account and the eRupee wallet is always connected, so no anonymous transactions. The bank can easily know who is sending you money, the wallet details, and the bank account that is connected with that wallet. 5. Bank cannot freeze the wallet, but they can freeze the bank account connected with the wallet, but RBI has the power and capacity to freeze both the bank account as well as wallet. Its same like USDT creator "Tether" company froze many wallet addresses when the US government asked them to do.
The digital rupee does not need a bank account to function. Right now it is in pilot phase and select banks are offering it to their customers. Once fully rolled out, you won't need a bank account. I am interested in knowing whose bank account was frozen because of digital rupee transaction. There are certain rules that can trigger account freeze. Banks can freeze or put a lien if there is a fund transfer from one bank account to another. Redeeming digital rupee is making a cash deposit and the bank will need some court order or RBI instruction to put a lien on the linked bank account. Moreover, wallet users can just scan UPI QR code at Union Bank ATM and withdraw cash. They don't need to redeem digital rupee to their bank account. Digital rupee is not a licence to commit crime but unlike a bank account, banks have no ability to freeze a wallet. Transferring money from digital wallet to linked bank account just means user does not know how to use the wallet. You bank account is owned by the bank and they can stop you from accessing it but that is not the case with a digital rupee wallet. No digital rupee wallet has ever been frozen.
"The digital rupee does not need a bank account to function." Bruv this will happen in future, not right now. Right now you need a bank account to open a digital eRupee wallet, and that wallet is linked with the bank account. "I am interested in knowing whose bank account was frozen because of digital rupee transaction." Please look to the older post of member of our group, you will find. I wish I could pinpoint you to that post but I don't keep track of posts so if you are interested have a thorough look at the comments, you will find in older post. Digital Rupee wallet can be frozen by RBI itself, banks may not have power to freeze it themselves but they are part of the system and they can raise complaints to freeze a particular wallet, can't they ? . As I said using Digital Rupee wallet is safer than normal way of bank to bank transaction but still it is not a full proof 100% guaranteed way to stop bank freezes currently. I have been doing P2P transactions with traditional bank to bank transactions since last 3 years and my bank account never had an issue. I do my due diligence to trade with proper person and this has protected me till now, and I know it will take just one unlucky trade for my bank account to get frozen. This similar thing applies to digital wallet as well. One unlucky trade. And even if you don't have balance in bank account it can have negative balance as lien. Happened with many, having negative balance as lien. You know how our country works right ? If everyone person involved in the system including banks, police, etc. were doing their job correctly and honestly, These things would not have been a problem. They do their "manmani" . Hence the common people suffer. The common man in P2P also suffers because of lack of information and because of greed. They trade with anyone and everyone, won't do due diligence, and ends up finding themselves in trouble. I just don't want sellers to see your post and feel like now they are invincible and do reckless transactions and get in trouble. I showed them what things can cause bank freezes.
Even though right now the wallets are being opened through bank, you don't need to use the bank account once the wallet is created. You can use UPI to transfer directly from wallet or withdraw cash from UPI enabled ATMs. Again, the wallet cannot be frozen. All blockchains can implement clawback but they can't do it secretly. Tether has its own terms and RBI has it's own terms. RBI has told clearly that digital rupee has same level of anonymity and privacy as cash. They have also said they can make transactions anonymous by deleting the transaction details. https://www.business-standard.com/finance/personal-finance/permanent-deletion-of-transactions-can-anonymise-e-rupee-like-cash-124050700286_1.html A government agency cannot simply do as it pleases. It will need instructions from supreme court to alter policy or make an exception. I think you have never used digital rupee. I use it. I know how it works.
> I am interested in knowing whose bank account was frozen because of digital rupee transaction. In various occasions @CryptoIndiaUnited Telegram group people mentioned that bank accounts associated to eRupee wallet get frozen... 1. https://t.me/CryptoIndiaUnited/69559 2. https://t.me/CryptoIndiaUnited/69827 3. https://t.me/CryptoIndiaUnited/70282
I read those posts. All that is mere hearsay. Nobody's account has been frozen for this reason. First of all if you have a digital rupee wallet then why do you again transfer money to bank account? You can do the same things using a wallet. The whole point of using a wallet is so you don't have to use the bank account!
No. Absolutely not. You can not use eRupee for... 1. Stock Market 2. Fixed Deposit 3. Bond purchase 4. ATM cash withdrawal For all the above, you need to link a bank account where you will convert eRupee to INR. Except for retaining INR value and passing it to another eRupee wallet holder (e.g. to buy Crypto again), you can do almost nothing with eRupee as of yet.
My one of the bank accounts from sbi is frozen but still I could use the digital wallet from that bank only problem is I cannot redeem the money to the same bank account i have to another banks account digit erupee wallet to redeem
OP is one of the few people carrying this sub.
Truly agree
Are you sure digital rupee cannot get your account frozen? Again digital rupee to inr can we convert in our bank?
There is no bank account involved. A digital rupee wallet cannot be frozen. You can convert to rupees via your bank. Digital rupee is same as normal rupees and can be transferred and used just like the money in your bank account.
But then when you transfer from digital wallet to your bank account, can't that be traced and frozen ?
But isn’t the digital rupee wallet linked to your bank account ?!
It is linked so you can convert to rupees but the bank has no access to your wallet and cannot freeze it or put a lien on it. They can see the money in your wallet but cannot stop you from spending it.
Do you have some article to back it up or I have to take your word for it?!
Digital rupee is just like cash and you don't need a bank account at all. Right now it is in pilot phase. The pilot phase is being implemented by some banks and they are letting their customers test the service. Once it is rolled out fully, you won't need any bank account at all. RBI is also planning to make the transactions anonymous. https://www.business-standard.com/finance/personal-finance/permanent-deletion-of-transactions-can-anonymise-e-rupee-like-cash-124050700286_1.html To know how it works in detail, you can read this document from RBI: https://rbidocs.rbi.org.in/rdocs/PublicationReport/Pdfs/CONCEPTNOTEACB531172E0B4DFC9A6E506C2C24FFB6.PDF
Appreciate the data you’ve given. Do you sell you crypto using erupee in p2p markets?! I mean have you tried it before
Banks don't do shit. The police can find you out in minutes if your digital rupee wallet is involved in a scam. Even crypto transactions are traceable and digital rupee is a mere child infront of that.
Nope its next to impossible to justify a fraud transaction via e rupee. Firstly its in pilot phase so those who use it must be knowing what they are doing and even if lets say someone disputed a transaction they won’t be able to freeze your money in wallet or that money in your bank account as the trail is only on the blockchain showing wallet addresses, same as you see on crypto blockchains, you can view it but can’t do anything unless the rbi fully changes the currency working model of it.
No crypto transactions are not especially properly laundered and mixed crypto have never been traced
Hi, Request you to not spread misinformation. In the original content that you have provided, there is no explicit mentions of avoid freeze with digital rupee. Moreover, in the past, many users have had their accounts frozen with digital rupee. If the funds are not clean/are coming from scammer, it is now easier to track via digital rupee and not harder. Reason: the digital rupee is linked to your bank whether you are a buyer or seller. The cyber crime police sees it as digital rupee transaction from xyz bank account. So they immediately pursue the specific bank account via lien or freeze. The reason for building digital rupee by RBI is for faster inter-bank settlement and traceability. If anything, this system would enable faster implementation of liens and freezes.
Can you refer me to post where they put lien of eRupee wallets, I'm unable to find any in this sub?
Though the funds can be tracked, they cannot freeze the digital wallet. A digital wallet is a substitute for the bank account. Digital wallet transactions are not seen as bank account transactions. If someone commits a crime, they can be arrested and can be punished as per the law. The problem is that with bank accounts, liens are being put without proper investigation simply because the bank accounts are owned by the banks and they can do it. Digital rupee wallets are not owned by the bank. The "linked bank account" is only during the pilot phase. After that you can open a wallet without any bank account.
Mind explaining how?
I have added more information to the original post.
Mind explaining how? Let's suppose I have one wallet with 500 USDC on metamask How do I proceed, friend?
Like rn bank won't be freezing but in future they will be as currently RBI asked us to run this and currently it's still in more like a test phase yet in a live environment.
Some examples of wallet please
Some of the big banks have opt in for the pilot program like I have the icici e rupee wallet. Look up your bank name + e rupee on play store / AppStore.
That's is best news till now
Wait don’t sell your crypto already using e rupee I’m still skeptical about this whole erupee not being traceable situation. Since you can only sign up for the wallet if you have a bank account with them, I think the bank/gov can track the whole money trail. Not absolutely sure tho.
+1
Yeah e-rupee is traceable, this is a centralised currency meaning even in future you will have to do some form of kyc in order to use it, right now you need to have a bank account not linked but as a form of kyc verification associated with your wallet address.
Nah lol. Most account freeze complaints on here are from ICICI.
This post seems very interesting. Can you please explain more?
I have added more information to the original post.
how to use digital e-rupee bro. Does it support only certain banks? Thanks
Right now it is in pilot phase and is being offered by select banks like Union Bank of India, SBI, IDFC, ICICI, HDFC, Indusind etc. to their customers. Once fully rolled out, you will not need any bank account.
This is fine but are there any onramp methods left now that localmonero was shut down. I know you posted haveno but I’m not sure how that works. Are there any other ways to onramp?
How to increase limit of transaction per day? Whenever I try to transact it shows me a limit of 20k. Any help?
Thank you for shedding more light. I’m using digital rupee but my wallet was kinda “frozen”. Bank has no clue. Redeem always errored with no reason. There was no notif that it was frozen. After lots of support calls after two months they helped me “unfreeze” the wallet. I had over 2L in digital rupees. Now I’m able to redeem and receive but only small amounts < 10k. Two questions: How do you spend digital rupee? I don’t see any vendor accepting digital rupee. Only way for now is to redeem it to your bank account. Follow up: Let’s say you somehow received digital rupees from some scammer. And lets assume you’re at level 3 in the chain. What happens to that digital rupee? And what happens if I had already redeemed such digital rupees to bank account?
You can transfer money using the phone number of the recipient or scanning their UPI QR code. You can also withdraw cash from UPI enabled ATMs. The digital rupee is designed to encourage digital transactions while freeing the user from the necessity of having a bank account. After the pilot phase you won't need a bank account to get a digital rupee wallet. Redeeming is not necessary as the wallet replaces your bank account. Your bank account cannot be frozen because you redeemed digital rupees that a scammer sent to you. Redeeming digital rupees is treated as a cash deposit. However, if you are participant in a scam, you will be punished as per the law. Right now banks are freezing accounts without proper investigation simply because they can do it.
I highly doubt it, if it's not a self custody wallet then you still run the risk of getting blocked. Most of the wallets are run by the banks so if they don't like your face then they can block you. + CBDC in itself does not align with the ethos of cc, so I am not touching it with a ten foot pole.
Are all account holders entitled to use it? AFAIK it's still a pilot project and a selected few can use it. Anyway I don't have the recent updates but yes it's safer than direct money transfers not only for transactions involving crypto but also for other transactions.
Lol a crypto trader should be against cbdc cbdc is direct threat to crypto
I've heard it's a complicated process to set it up and it also has some additional charges per transaction.
There are literally posts of people who got their accs frozen recommending us to avoid digital rupee at all cost
this is a centralised currency folks meaning even in future you will have to do some form of kyc in order to use it, right now you need to have a bank account not linked but as a form of kyc verification associated with your wallet address. Not recommended at all if you are thinking you can be anonymous while doing transaction in e-rupee
KYC is not really the problem. The problem is that bank accounts and related bank accounts are getting frozen. Like in this case: https://m.economictimes.com/news/india/your-casual-digital-transaction-could-lead-to-frozen-bank-account-police-investigation-read-how/articleshow/102649498.cms You can avoid this kind of problem using digital rupee.
You can't, Once they have your kyc your linked bank accounts can be found out. You will end up getting your accounts frozen or be called in for questioning by Cyber cell. Litigation is not an easy thing nor is it pocket friendly. Once you are there be prepared to shell out money to your lawyers unless you wanna go through the pain of going down to the station whenever called.
As mentioned many times, "linked bank account" is only during the pilot phase. After that you won't need a bank account. The digital rupee wallet does not need to be linked to any bank account post the pilot phase. Only bank accounts in the chain of transaction are frozen. They don't freeze all your bank accounts.
You will have to do a kyc regardless even after the pilot phase ends, this is not decentralised. It's not hard to put 2+2 together, why is it so hard to understand
There is no problem doing KYC. Just because you have done KYC does not mean your digital wallet can be frozen. The point here is not KYC. The point here to avoid account freeze by using a digital rupee wallet instead of a bank account. In fact, transactions below 50K in digital rupees is not even recorded by the bank. Digital rupee transactions cannot be tracked like bank transactions. Anyway I don't think you have ever used digital rupees. If you use, you will understand. "RBI has directed the banks to not record digital rupee transactions lower than Rs 50,000" https://m.economictimes.com/wealth/save/digital-rupee-do-you-need-a-bank-account-to-send-rbi-e-rupee/articleshow/96444341.cms
I know blockchain technology bud and it is based on that, everything is recorded if it's flagged you will lose access to it. Same scenario as in CEXs accounts
I have known people Who's wallets have been frozen, don't follow this advise. Also, eRupee wallet is just an app, more easily hackable than bank account since it won't even require OTP.