NEW DELHI: Union Finance Minister Nirmala Sitharaman revealed on Tuesday that the Reserve Bank of India (RBI) will create India's own digital currency based on Blockchain technology next year, but the much-anticipated Cryptocurrency Bill has yet to see the light of day.
India will join a select group of countries that have their own central bank digital currency (CBDC), which is a virtual version of a fiat currency.
"Starting in 2022-23, the RBI will issue digital rupees utilising Blockchain and other technologies. The economy will benefit greatly as a result of this "In her statement to Parliament on the Union Budget 2022-23, Sitharaman remarked.
The RBI has been debating various features of the central bank digital currency and private crypto currencies for quite some time. The central bank has been working on central bank digital currency methods. It has raised worries, though, about private cryptocurrencies.
From the standpoint of macroeconomic and financial stability, RBI Governor Shaktikanta Das has already stated that cryptocurrencies are a major worry.