Starting in 2022-23, the Reserve Bank of India (RBI) will issue digital rupees using blockchain and other technologies. This will provide a significant boost to the economy, according to FM Nirmala Sitharaman, who presented the Budget 2022. Starting in 2022-23, the RBI will issue digital rupees using blockchain and other technologies. This will provide a significant boost to the economy, according to FM, who presented the Budget 2022. Before the presentation, the Union Cabinet met and approved the Budget 2022-23. India is not the only country attempting to implement a system of digital legal tender. Various central banks around the world are testing projects like the digital dollar, e-yuan, and digital euro. Sitharaman met President Ram Nath Kovind earlier today, ahead of the Budget presentation. She was accompanied by Ministers of State for Finance Pankaj Chaudhary and Bhagwat Karad, as well as other Ministry officials. The Digital Rupee will be Equivalent to a Physical Rupee In contrast to Bitcoin, a cryptocurrency based on blockchain technology that allows users to remain anonymous, the RBI will support the official digital currency. The digital rupee is equivalent to a physical rupee in all transactions. The move is seen as a major boost for the government’s “Digital India” initiative. A digital rupee will have the same monetary value as a physical rupee. Nirmala Sitharaman stated: “The introduction of central bank digital...
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