The Central Bank of India or the Reserve Bank of India will launch the digital rupee or Central Bank Digital Currency (CBDC) in the next fiscal year. This was disclosed by the Indian finance minister.


"The introduction of CDBC will give a boost, a big boost to the digital economy," said Indian Finance Minister Nirmala Sitharaman. "Digital currencies will also lead to more efficient and cheaper currency management systems."

The Reserve Bank of India will introduce a digital rupee in the 2022-2023 financial year starting on April 1, as quoted from CNBC International, Wednesday (2/2/2022).

Nirmala Sitharaman did not provide details on how the digital rupee would work or what it would look like, but said the digital rupee would be introduced "using blockchain and other technologies."

Blockchain refers to a technology that was originally created with bitcoin, but the definition has evolved as its applications have gone beyond cryptocurrencies.

India will be one of the largest economies in the world to introduce a central bank digital currency (CBDC) if this plan is realized. China has been working on a digital yuan version since 2014 and is at the forefront of rolling out CBDCs globally.

Over the past two years, the People's Bank of China has conducted trials in the form of a lottery, in which digital yuan is distributed to citizens in certain cities for them to spend.

Recently, the central bank has sought to expand the use of the digital yuan. China has not yet launched its digital currency nationally and has no timeline for doing so.

While India is pushing forward with the digital rupee, the Indian government has tried to take a tougher stance on cryptocurrencies like Bitcoin and is currently working on regulation for the sector. Nirmala Sitharaman said income from virtual digital asset transfers should be taxed at 30%.

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