India Plans to Debut Digital Currency in 2023

India’s finance minister announced in a budget speech that the central bank is planning to unveil its own digital currency soon, and could debut in early 2023.

Finance Minister Nirmala Sitharaman announced in her budget speech last week that the country would launch a digital rupee backed by the Reserve Bank of India (RBI) soon.

Sitharaman said in her speech, “Digital currency will also lead to a more efficient and cheaper currency management system. It is, therefore, proposed to introduce Digital Rupee, using blockchain and other technologies, to be issued by the Reserve Bank of India starting 2022-23.”

The digital rupee would be a government-backed electronic form of a fiat currency, a government official who wished not to be identified told reporters. The currency’s blockchain, developed by the RBI, would be ready by the next financial year, the source added.

The regulations for the central bank-backed digital currency is yet to be finalized.

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