Digital Rupee: India’s own official digital currency is likely to be launched in early 2023. It will be similar to the electronic wallets currently run by a private company. But there will be a government guarantee attached to it. A top official has given this information. Finance Minister Nirmala Sitharaman had said in the budget presented last week that the central bank would soon launch a digital rupee.
A top official said on the condition of anonymity that the digital currency issued by the RBI will have unique digits like the Indian currency. It will not be different from fiat currency. This will be its digital form. Explain that fiat currency is called the currency issued by the government. Therefore, in a way, we can say that Digital Rupee will be a government-guaranteed digital wallet.
The units issued in the form of digital currency will be included in the currency in circulation. It won’t be much different from fiat currency. It will be like an electronic form of currency. This means it will be a government-mandated electronic wallet. Sources said that the RBI has indicated that the digital rupee will be ready by the end of the next financial year. Digital Rupee Blockchain created by Reserve Bank, all types of transactions can be done. This system is not present in the mobile wallets of private companies. The source further said that people currently transfer money to private companies using the electronic wallets of private companies. This money remains with them and these companies make payments on behalf of customers to merchants, shopkeepers, etc. on any transaction.
Budget 2022: India will launch its ‘Digital Rupee’, know everything related to digital currency
Digital currency can be kept in the phone
Whereas in the case of digital currency, people will have digital currency in the phone and it will be with the central bank. It will be transferred from the central bank to any shopkeeper etc. There will be full government guarantee on this. When money is transferred to the e-wallet of a company, the credit risk of that company is also attached to this money. Apart from this, these companies also charge fees. The source further said that instead of carrying this wallet, I would like to keep the money in my phone.
Digital economy will get a boost
In the budget of 2022-23, Finance Minister Nirmala Sitharaman had said that the introduction of Central Bank Digital Currency (CBDC) will give a big boost to the digital economy. The Finance Minister had said, digital currency will also promote a more efficient and cheaper currency management system. Hence it is proposed to introduce Digital Rupee using Blockchain and other technologies to be issued by RBI from 2022-23. The exact regulation governing this Central Bank Digital Currency (CBDC) is yet to be finalised.
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