Post by simmons on Feb 4, 2022 1:50:59 GMT 1
India’s prime minister, Narendra Modi, says an Indian central bank digital currency will strengthen the digital economy. The digital rupee will also revolutionize the fintech sector by creating new opportunities and lessening the burden of handling, printing, and the logistics of cash management, the prime minister reportedly explained.
India’s Prime Minister Modi Sees Benefits of Digital Rupee
Indian Prime Minister Narendra Modi reportedly highlighted the potential benefits of India’s central bank digital currency (CBDC), the digital rupee, on Wednesday while addressing Bharatiya Janata Party (BJP) members and leaders at a virtual conference on the federal budget.
The country’s finance minister, Nirmala Sitharaman, announced during her budget speech Tuesday that the central bank, the Reserve Bank of India (RBI), will launch a digital rupee in the financial year 2022-23.
Prime Minister Modi was quoted by local media as saying:
The digital rupee will be the digital form of our physical rupee and will be regulated by the RBI. This will be such a system that will enable an exchange of physical currency with digital currency.
“Central bank digital currency will strengthen the digital economy … If anyone makes a payment in digital currency, you will be able to change it to cash,” the prime minister emphasized.
India’s Prime Minister Modi Sees Benefits of Digital Rupee
Indian Prime Minister Narendra Modi reportedly highlighted the potential benefits of India’s central bank digital currency (CBDC), the digital rupee, on Wednesday while addressing Bharatiya Janata Party (BJP) members and leaders at a virtual conference on the federal budget.
The country’s finance minister, Nirmala Sitharaman, announced during her budget speech Tuesday that the central bank, the Reserve Bank of India (RBI), will launch a digital rupee in the financial year 2022-23.
Prime Minister Modi was quoted by local media as saying:
The digital rupee will be the digital form of our physical rupee and will be regulated by the RBI. This will be such a system that will enable an exchange of physical currency with digital currency.
“Central bank digital currency will strengthen the digital economy … If anyone makes a payment in digital currency, you will be able to change it to cash,” the prime minister emphasized.