According to FM Nirmala Sitharaman, the Reserve Bank of India is working on launching India's digital currency.
The Reserve Bank of India (RBI) is working on introducing India's own digital currency, according to Finance Minister Nirmala Sitharaman. She also stated that cryptocurrency assets will be taxed first.
The "State Of India's Economy: The Final Word" was the topic of FM Sitharaman's speech at the India Today Budget Roundtable 2022.
CURRENCY IN DIGITAL FORMAT
"The Reserve Bank of India will have a big say in the design and shape of India's digital currency (RBI). The RBI has been consulted by the Ministry of Finance, and the country's central bank is working on it "FM Sitharaman stated the following.
THE GOVERNMENT IS WATCHING CRYPTO.
Government personnel were continually monitoring the crypto sector, according to FM Sitharaman.
"We have a team of people that are always monitoring, watching, and listening to people in the cryptocurrency business. They are providing me with feedback "FM Sitharaman stated the following.
FM Sitharaman proposed that the RBI establish digital money in the following financial year, commencing April 2022, to strengthen the digital economy and improve currency management in her Budget 2022-23 speech on February 1.
The digital economy will benefit greatly from the establishment of a central bank digital money. According to the minister, digital currency will aid in the currency management system.
"Digital currency will also lead to a more efficient and cheaper currency management system," FM Sitharaman stated. "It is therefore suggested to implement the digital rupee utilising blockchain and other technologies, which would be issued by the Reserve Bank of India, beginning in 2022-23."