Finance
RBI to introduce digital rupee in India, says Nirmala Sitharaman
New Delhi: Finance Minister of India Nirmala Sitharaman on Tuesday morning said that the Reserve Bank of India will issue a digital rupee soon.
The digital currency by RBI will be based on blockchain technology the tech behind Bitcoin and other popular cyrptocurrencies.
Digital rupee will be issued by 2022-23, Sitharaman said, without providing any clarity on the future of Bitcoin and other crypto tokens.
“Digital currency will also lead to a more efficient and cheaper currency management system. It is therefore proposed to introduce a digital rupee using blockchain and other technologies, to be issued by the Reserve Bank of India, starting 2022-23,” the Finance Minister said.
RBI had expressed its desire to introduce a digital currency last year. At the time, the government was planning to ban the use of cryptocurrencies in the country.
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