Digital Rupee Budget2022: RBI will introduce digital rupee in FY22-23, says Nirmala
New Delhi: The Reserve Bank of India will introduce digital rupee in FY22-23 using blockchain and other technologies, Union Finance Minister Nirmala Sitharaman announced in her Budget2022 speech in Parliament on Tuesday.
"Digital currency (rupee) will be introduced using blockchain and other technologies by RBI starting 2022-23," the finance minister said
amid a keen interest in cryptocurrencies like bitcoin.
Earlier last year the RBI governor Shaktikanta Das had told CNBC that the central bank was studying various aspects of a digital currency including its security, its impact on India’s financial sector as well as how it would affect monetary policy and currency in circulation.
The central bank digital currency (CBDC) are legal tender created by the central bank of a nation (read RBI), though in digital form. According to CNBC, unlike other cryptocurrencies that are DeFi or decentralised financial tokens, CBDCs will be backed by central reserves just like all other fiat currencies.
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
