India will introduce digital currency from 2022-23, said finance minister Nirmala Sitharaman today in her budget speech.
Sitharaman mentioned that digital rupee will be introduced using blockchain and other technologies. As for her, this would pave way for a more efficient and cheaper currency management.
“Introduction of a Central bank introduction currency will give a big boost to digital economy. Digital currency will also lead to a more efficient and cheaper currency management system. It is therefore proposed to introduce digital rupee using blockchain and other technologies to be issued by the Reserve Bank of India starting 2022-23,” she said.
Centre is lately trying to work out a robust policy to curb the misuse of cryptocurrency. PM Modi had flagged the issue of misleading non0transparent advertising on the matter. In his keynote address, at the Sydney Dialogue a few days later, PM had urged all democratic nations to work together to ensure cryptocurrencies do not end up in wrong hands.
Rajeev Chandrashekhar, Union MoS Electronics and IT, had also said recently that “what the law actually does is that there will be a Central bank digital currency. In a sense it takes away volatility, speculations out of the picture.”
