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.”