India plans to implement Digital Currency by 2023, according to Finance Minister Nirmala Sitharaman.
“The government and RBI are looking into its various commercial uses, not simply financial inclusion, which is primarily accomplished through the JAM trinity (Jan Dhan-Aadhaar-Mobile),” she said.
The minister also stated that the government’s digital push is consistent across all industries.
“The Union Budget announced the creation of a central bank digital currency, digital banking, and a digital university. The administration maintains a constant digital push across all industries “According to Sitharaman.
She had stated in the budget that the introduction of digital currency will provide a significant boost to the digital economy.
“In addition, digital currency will result in a more efficient and cost-effective currency management system. As a result, it is proposed that the Reserve Bank of India issue a Digital Rupee beginning in 2022-23, based on blockchain and other technologies,” Sitharaman stated.
Unlike the existing system of mobile wallet offered by private companies, the Reserve Bank’s digital rupee blockchain will be able to track all transactions.