Claim BonusIndia’s Finance Minister Says CBDC Digital Rupee Could Be Coming By FY 2022-2023
Speaking earlier today at India’s budget session, Indian Finance Minister Nirmala Sitharaman said that India will introduce its central bank digital currency (CBDC) aka Digital Rupee in the next financial year of FY 2022-23.
India’s Digital Rupee shall be powered by superior blockchain technology. The Indian Finance Minister expressed confidence in how having a digital currency can help in boosting the country’s digital economy. Speaking about it, Nirmala Sitharaman said:
“Introduction of a central bank digital currency will give a big boost to digital economy. Digital currency will also lead to a more efficient and cheaper currency management system”.
The latest announcement is quite a welcome move for the Indian crypto community which has been on the edge for a long time. The formation of a CBDC also means that India will have clear and better crypto rules by the next financial year. Speaking at India’s lower house, Lok Sabha, Mos Finance said:
“The purpose of creating a digital currency is to provide significant benefits, such as reduced dependency on cash, higher seigniorage due to lower transaction costs and reduced settlement risk”.
Furthermore, India’s CBDC Digital Rupee will be “efficient, robust, trusted, regulated, and a legal tender-based payments option,” said MoS Finance. However, he stated that the Finance Ministry will also take care of the associated risks that come while weighing its potential benefits.
Competing With Other Economies
India’s Digital rupee move comes just at a time when other competing economies like China are already making bold moves for CBDC. China is working aggressively to bring its Digital Yuan during the Winter Olympics, however, the spread of Omicron in the country puts a shadow on its plans.
On the other hand, the U.S. Federal Reserve has also been closely studying the merits of having a central bank digital currency. However, they have yet to arrive on any firm decision in this regard.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Germany’s DZ Bank Gets MiCAR Approval to Offer Institutional Bitcoin, Cardano Trading
- CLARITY Act Enters Critical Phase as Senate Committee Sets January 27 Markup
- Senator Warren Tells OCC to Stop World Liberty Bank Review Amid Trump Ties
- Bitcoin Rises to $94k as Trump Signals Alternatives Ahead of Supreme Court Tariffs Ruling
- Rick Rieder’s Fed Chair Odds Rise as BlackRock CIO Calls for Rates to Fall to 3%
- Standard Chartered Predicts Ethereum Price could reach $40,000 by 2030
- Bitcoin Price Eyes $100k as Core US Inflation Slips Ahead of CLARITY Act Markup
- Why Is MSTR Stock Price Down Despite Recent Bitcoin Purchase
- Pi Coin Price Prediction: How Mainnet Migration and New Tokens Supply Could Affect Pi Network?
- Crypto Stocks To Watch: MSTR, Metaplanet, and S&P 500 price
- Solana Price Targets $200 as WisdomTree Declares Its Dominance Structural
