RBI to issue digital rupee in FY 22- 23 using block chain says FM Sitharaman

• ByStartupStory     |    February 1, 2022

Union Finance Minister Nirmala Sitharaman on Tuesday proclaimed the cast of India’s own digital Currency by the RBI next year that will be grounded on Block chain technology, while the much- expected cryptocurrency Bill is yet to see the light of the day.

Also, with this India will take part in few countries that own their central bank digital currency, ( CBDC) that refers to the virtual form of a Fiat currently.

“ Digital rupee to be issued using Block chain’s and other technologies by the RBI beginning 2022-23.

This will help you out a big boon to the economy”, said Sitharaman in her Union Budget 2022- 23 speech in parliament.

The Reserve Bank of India ( RBI) has already been discussing upon numerous aspects relating to the main bank digital currency and private crypto currencies.

The central bank has recently been working on modalities for central bank digital currency and private currencies.

RBI governor Shaktikanta Das has already said that cryptocurrencies are very earnest concern from the macro- economic and financial stability perspective.

CBDCS are recently merely in the hypothetical stage, with some in proof- of – concept programmes.

In contrast to, more than 80% of central banks are beholding at digital currencies.

Follow Startup Story