Union Finance Minister Nirmala Sitharaman said during the Unicorn townhall at the India Global Forum on Tuesday that India's central bank digital currency is likely to be launched this year, with consultations already underway.

The CBDC can be a great enabler for large financial transactions while also ensuring safety, particularly with the Reserve Bank of India at the helm. The finance minister stated that while there is certainly significant investment in these virtual digital assets, the government has yet to take a position on the sector's regulations, Sitharaman said. "We will listen to all points of view, including those who are concerned about cryptocurrencies." Following the consultation process, the ministry will make a decision. "I understand that many citizens have made investments in these assets," the minister added.

On the question of easing compliance burdens for start-ups seeking to list on foreign exchanges, Sitharaman stated that there is progress in the right direction but did not specify when the government would be able to make an announcement.

The finance minister also addressed financial inclusion in the country, stating that Budget provisions, such as the establishment of 75 digital banking units and support for the fintech sector, will be critical to the industry's continued development.

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