On 31st Jan, Nirmala Sitharaman, Finance Minister, announced that the government is soon launching digital rupee using blockchain and other technologies. The digital rupee will be issued by the RBI(Reserve Bank Of India), and will be launched mostly between 2022-23.
"Digital currency will also lead to a more efficient and cheaper currency management system. It is therefore proposed to introduce digital rupee using blockchain and other technology to be issued by the Reserve Bank of India starting, 2022 and 2023”, stated our Finance Minister during the Budget 2022 session in the parliament.
As opposed to other cryptocurrencies, which are either decentralized or DeFi financial tokens, CBDCs (Central Bank Digital Currency) will be backed by central reserves similar to all other fiat currencies. Not only India, but various banks around the world are experimenting with a digital legal tender too. Digital euro, digital dollar, e-yuan to name some.
On Tuesday, February 1, 2022, Sitharaman tabled this year's Economic Survey, centered around the theme of "Agile approach", which forecasted India's economy to grow by 9.2 percent during Financial Year 2021-22 and by 8-8.5 percent in fiscal 2023 beginning April 1, 2022.
Agile technology is slowly taking over because of its flexibility and evolutionary nature. Blockchain development is one such technology that maintains a secured and decentralized record of digital transactions. It is becoming an incremental change that is helping enterprises to keep up with the demands of the modern workplace.
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Source: The Economic Times