Budget 2022: India catches up with global fad of digital currency

 

Crypto or digital currencies are the latest fad across the world and India will next fiscal, beginning April 1, have its own version of the same which essentially would mirror the prevalent physical currency in digital form.

The currency, called 'digital rupee', will be issued by the Reserve Bank in digital form and will be fungible with physical currency.

Budget 2022

The exact regulation governing this Central Bank Digital Currency (CBDC) is yet to be finalised.

CBDC is a digital or virtual currency but it is not comparable to the private virtual currencies or cryptocurrency that have mushroomed over the last decade. Private virtual currencies do not represent any person's debt or liabilities as there is no issuer. They are not money and certainly not currency.

The RBI has been vehemently opposing private cryptocurrencies as they could have implications on national security and financial stability. Read More

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