New Delhi:- India is on the way to launching the all-new Digital Currency by the year 2022-23 in each segment. The Central Bank of India will issue 1 digital rupee for the 2022-2023 financial year beginning April 1st.

Indian Finance Minister Nirmala Sitharaman said the introduction of the digital rupee will be based on “blockchain and other technologies.”India could become one of the world's largest economies to launch a so-called Central Bank Digital Currency (CBDC) if it sticks to its plans, following China's piloting of a digital yuan. 

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Digital Currency has in its first stage of unveiling the currency that was made possible on 1^st December 2022. For the past two years, the People's Bank of China has conducted trials in the form of lotteries that distribute digital yuan to citizens of certain cities for consumption.

Recently, the central bank is looking to expand the use of the digital yuan. However, China has not yet rolled out a digital currency nationwide and has no plans to do so. Japan is also considering launching its own CBDC, and the U.S. Federal Reserve released a study on the digital dollar last month, but it was unclear whether it would issue a digital dollar.

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India is trying to take a tougher stance on cryptocurrencies such as Bitcoin as it pushes for the introduction of the digital rupee, and is currently working to regulate the sector. Sitharaman said on Tuesday that income from the transfer of virtual digital assets should be subject to a 30% tax rate.

The Digital Currency when launched will take India in the 1^st place in the world for launching digital currency. It has just launched the currency’s first pilot in the Retail Segment. It will help boost the Indian economy very fastly and also generate great revenue so as to make more and more progress.

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Digital Currency will be the evolution of the currency and also it will prevent black money to be stored and RBI can monitor everything digitally. This will be India’s greatest revolution till now that will make the world drop its jaws.