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BUSINESS
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2016: The year when UPI came to India. Since its launch, UPI’s transaction volume has surpassed the trillion-dollar mark in 2022. Various other countries have also adopted India’s UPI payment system. Cut to 2022: The year when India's very own digital currency comes into picture. RBI has launched the first model for India’s digital rupee. Now, a digital rupee is the same as a government issued currency, only in a digital format. So the question really is, why has the government come up with the digital rupee when UPI is already so successful and popular?
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