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RBI to launch digital currency in FY23
February 02, 2022
The Reserve Bank of India (RBI) will start issuing the nation’s much-awaited digital currency in the financial year 2023, finance serves Nirmala Sitharaman announced on Tuesday, a move that the government accepts will give an impetus to the digital economy.
The government additionally proposed to amend the RBI Act to incorporate the central bank digital currency (CBDC) alongside traditional banknotes. It had received a proposal from RBI in October to change to the Act and improve the extent of the meaning of banknote to include currency for digital form.
“Digital money will likewise prompt a more effective and cheaper currency management framework. It is, along these lines, proposed to present digital rupee, using blockchain and other technologies, to be given by the Reserve Bank of India starting 2022-23,” Sitharaman said.
A national bank digital currency is the legitimate delicate given by it in a digital form. It is the same as fiat currency and is exchangeable one to one with the fiat currency, only different in form. A 2021 review by the Bank for International Settlements (BIS) viewed as 86% of central banks were exploring the potential for CBDCs, 60% were experimenting with the technology and 14% were deploying pilot projects.
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