'Digital Rupee' of India, says Nirmala Sitharaman in 2022-2023 'Union Budget'
Digital Rupee in 2022-2023: Indian Finance Minister Nirmala Sitharaman presented Union Budget in Parliament on February 2022.
The long-awaited result of regulating the cryptocurrency by the Indian Government in the form of novel currency of India Digital Currency is still in dilemma.
Highlighted Facts
- Union Budget has the subject of Digital Rupee in 2022.
- Crypto trading platforms are looking this launch a positive decision of the Government.
- It is expected that Digital Rupee will boost India’s Digital Economy.
The Anticipated Central Bank Digital Currency (CBDC) in the name of ‘Digital Rupee’ has been launched by the Finance Minister of India during presenting the Union Budget of the Fiscal year 2022-2023 in parliament. She has revealed in her speech, the nature of Digital Rupee will be based on blockchain technology and it will be launched officially by the Reserve Bank of India in a short period. She also told that this Digital Rupee will have a different nature than Cryptocurrencies such as Bitcoin, Ethereum, and SHIB. And told them a decentralized form of currencies.
Read More: Indian Government plans to regularize the Cryptocurrency.
She addressed the parliament with her one hour and thirty minutes speech in which she introduced the Digital Rupee but still then she didn’t reveal much clarity about the details of Digital Rupee, the nomenclature of such currency is still waiting.
Later in an interview, she told that the nature of this Digital Rupee will be different than the cryptocurrencies such as Bitcoin, Ethereum, and SHIB. She also claimed them a decentralized currency and promote illegality in the nation.
She said “a currency is a currency only when it is issued by the central bank, even if it’s a crypto. By anything which is outside of that, loosely, all of us refer to be cryptocurrency, they are not currency,” Sitharaman said in a press conference.
The giant related industry leader commented on the launch of such Digital Currency in the country positively.
The CEO of WazirX, a Crypto exchange platform Nischal Shetty said over the news of such a Digital Rupee as a virtual asset is “Phenomenal” and the country is on the path of legitimizing the crypto sector.
He added “This move will pave the way of crypto adoption and put India in the front seat of innovation,” Nischal said.
Another well-known Crypto Exchange platform CoinDCX CEO Sumit Gupta told said in favor of the new step by the government.
He also added “Introduction of CBDC sends a clear signal of India being a digital-first, efficiency-driven, and transparency led system,” he said.
The step to have control over the cryptocurrency space has been taken by Prime Minister Narendra Modi Government. While many other countries are looking forward to taking any decision over the uncontrolled currency in their country, India has released an intention to regulate crypto space.
