The digital rupie will strengthen the digital economy and revolutionize fintech -
The digital rupie will strengthen the digital economy and revolutionize fintech -
India's Prime Minister Narendra Modi says that a digital currency of the Indian central bank will strengthen the digital economy. The digital rupie will also revolutionize the FinTech sector by creating new possibilities and reducing the load of the handling, printing and logistics of cash management, the Prime Minister reported.
India's Prime Minister Modi sees advantages of digital rupie
The Indian Prime Minister Narendra Modi reported on Wednesday to raised the potential advantages of the digital currency of the Indian Central Bank (CBDC), the digital rupie, when he spoke at a virtual conference on the federal budget in front of members and leaders of the Bharatiya Janata Party (BJP).
The state's finance minister, Nirmala Sitharaman, announced during her budget speech on Tuesday that the central bank, the Reserve Bank of India (RBI), will do this introduce a digital rupie in the 2022/23.
Prime Minister Modi was cited by local media with the words:
The digital rupie will be the digital form of our physical rupie and will be regulated by the RBI. This will be such a system that enables an exchange of physical currency with digital currency.
"The digital currency of the central bank will strengthen the digital economy ... If someone makes a payment in digital currency, they can convert it into cash," emphasized the Prime Minister.
Prime Minister Modi noted that "CBDC will make digital payments and online money transfer more secure and risk-free," said Prime Minister Modi, "This will also lead to a relief in the development of global digital payment systems." The prime minister added:
The digital rupie will revolutionize the FinTech sector by creating new possibilities and reducing the stress in the handling, printing and logistics management of cash.
A growing number of central banks worldwide explores digital central bank currencies. According to the digital currency tracker of the central bank of the Atlantic Council, 87 countries are currently working on a CBDC. India would become one of the first major economies in the world that introduces a digital currency supported by the central bank if the RBI publishes the digital rupie in the coming financial year.
What do you think of the output of a digital rupie through the RBI? Let us know in the comment area below.
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