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FM Sitharaman Announces Establishment of India’s First Digital Currency

FM Sitharaman Announces Establishment of India’s First Digital Currency

Kavya Barua

Kavya Barua is a voracious learner captivated by crypto and Fintech breakthroughs. Graduated from the University of Delhi's B.A (Hons) English program at Janki Devi Memorial College. She desires to be a successful professional with a strong interest in learning and accomplishing outcomes.

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Today, Nirmala Sitharaman, Union Finance Minister, announced India’s first digital currency would be available shortly for Indian investors. Around her fourth Budget, Sitharaman stated that the Reserve Bank of India (RBI) will launch digital currency in 2022-23. She also said that it would have a significant impact on the economy.

In July of last year, the RBI stated that it was developing its digital currency. The Central Bank Digital Currency (CBDC) agency would be the same as a fiat currency. According to RBI Deputy Governor T Rabi Sankar, it will be exchangeable one-to-one with it.

The Union Budget 2022-2023 Introduces India’s First Digital Currency

“The introduction of the CBDC will give a big boost to India’s digital economy. The digital currency will also lead to a more efficient and cheaper currency management system,” Sitharaman said

CBDC, according to the RBI Deputy Governor, is not equivalent to the private virtual currencies that have increased over the previous decade. According to Sankar, private virtual currencies conflict with the historical idea of money.

The Reserve Bank of India has stated on several occasions that it believes cryptocurrencies such as Bitcoin, Ethereum, and Dogecoin, among others, pose a risk to financial stability. It has also questioned its market value claims, urging investors not to be “lured” by the promises of returns on cryptocurrencies.

CBDC Has Its Moment In The Spotlight

The launch of India’s digital currency demonstrates the government of India’s acceptance of blockchain technology. While it is unclear what will happen to private cryptocurrencies, the RBI-issued Digital Rupee will usher in a new era in currency administration. This is consistent with how other countries, such as China, England, and others, move.

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