FM Nirmala Sitharaman: India plans to bring digital currency by next year

FM Nirmala Sitharaman

India plans to launch digital money by 2023, according to Finance Minister Nirmala Sitharaman.

“The government and RBI are looking into its several commercial use purposes and not just financial inclusion, which is largely achieved through the JAM trinity (Jan Dhan-Aadhaar-Mobile),” she said.

India’s Finance Minister, Nirmala Sitharaman, stated that the country’s goal is to double its GDP by 2025. The minister also stated that the government is committed to a uniform digital push across all businesses by the year 2023. e digital currency

“Central bank digital currency, digital banks, and digital university were announced in the Union Budget. There is a continuous digital nudge by the government across sectors,” Sitharaman said.

She had stated in the budget that the introduction of digital currency will provide a significant boost to the digital economy.

“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,” Sitharaman had said.

In contrast to the current system of mobile wallets offered by private companies, the Reserve Bank’s digital rupee blockchain will be able to track all transactions.

India would take a careful approach to regulate virtual currencies, according to Sitharaman, who previously stated that “the decision on crypto will not be hastened.”

Related Posts
Today, Nirmala Sitharaman will introduce the single nodal agency dashboard
Single Nodal Agency (SNA)

Finance Minister Nirmala Sitharaman will unveil a Single Nodal Agency (SNA) dashboard on Tuesday, which would allow ministries and agencies Read more

Nirmala Sitharaman US semiconductor firms will increase their investments in India; With incentives 
Nirmala Sitharaman

Nirmala Sitharaman, India's finance minister, met with officials from the US semiconductor sector and asked them to invest more in Read more

Budget bets big on public infra: Subsidy bill falls as Covid concern eases
Subsidy bill falls as Covid concern eases

While presenting the Union Budget on Tuesday, Finance Minister Nirmala Sitharaman stressed the “overall sharp rebound and recovery” of the Indian economy Read more

Union Budget 2021: Budget to go paperless, first time in history of independent India
Union Budget 2021: Budget to go paperless, first time in history of independent India

By Administrator_India Capital Sands Union Budget 2021 which is scheduled to be presented on February 1 will go paperless as Read more

0 0 votes
Article Rating
Notify of
Inline Feedbacks
View all comments
Would love your thoughts, please comment.x