India announces the impending introduction of the digital currency of the central bank, the digital rupie, which is issued by the RBI - regulation

The Indian government has announced the upcoming introduction of the country's digital banking currency. The Digital Rupie will be issued by the Reserve Bank of India (RBI) in the 2022-23 financial year, said Indian finance minister Nirmala Sitharaman during her household speech.

The digital currency of the RBI, the digital rupie, comes soon

The Das said India's Finance Minister Nirmala Sitharaman on Tuesday with present Federal Budget 2022 in parliament that the Reserve Bank of India (RBI) will issue a digital central bank currency (CBDC) in the new financial year.

she found that the "introduction of the digital currency of the central bank (CBDC) of the digital economy will give a big boost" and "the digital currency will also lead to a more efficient and cheaper currency guards," she said:

It is therefore proposed to introduce a digital rupie from 2022-23 using blockchain and other technologies that are to be output by the Reserve Bank of India.

After the announcement of the Minister of Finance, the Minister of Commerce and Industry, Piyush Goyal, told the Ani publication:

The digital currency issued by the Reserve Bank of India will be the official and legal means of payment. The RBI will issue this official digital currency so that India does not remain behind new technologies such as blockchain and others that are developing in the world.

he continued: "The government does not recognize private cryptocurrencies as a legal means of payment. If people keep them as assets, they can do so, but a tax of 30 % is levied on them." The Indian government describes all the cryptocurrencies not issued by the RBI, including Bitcoin and ether, as "private" cryptocurrencies.

The finance minister also said at her budget speech on Tuesday Cryptocurrency transactions with 30 %. She also noted that “no deduction in relation to expenses or allowances is permitted when calculating such income, with the exception of the acquisition costs.”

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 becomes one of the world's largest economies that introduce a CBDC when the digital rupie is introduced in the coming financial year.

Meanwhile, CHINA has tested its digital Yuan in the past two years. The Volksbank of China (PBOC) in January Currency of the central bank now has over 261 million unique users. In addition, transactions worth almost $ 14 billion were made with the digital Yuan, and more than 8 million dealers are now accepting e-Cny.

What do you think of India's plan to publish a digital central bank currency? Let us know in the comment area below.

Kevin Helms

As a student of Austrian economics, Kevin Bitcoin discovered in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the interface between economy and cryptography.

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