Union Budget 2022: The Reserve Bank of India is planning to launch digital rupee based on blockchain technology1 min read
Union Budget 2022: The Reserve Bank of India is planning to launch digital rupee based on blockchain technology
The Finance Minister Nirmala Sitharaman, who delivered her fourth budget today, stated that the central bank will launch digital rupees, which will use blockchain and other technologies in 2022-23.
“The introduction of central bank digital money will provide the digital economy a significant boost. Digital currency would also be a more cost-effective and efficient method of currency administration,” Ms Sitharaman said.
The development is considered a major boost for the government’s “Digital India” initiative. It also comes at a time when bitcoin legislation is being debated. The RBI has expressed “severe worries” about private cryptocurrencies, claiming that they may generate financial instability.