Central Bank of India to launch its own digital currency

The Central Bank of India will issue a new digital rupee in the 2022-2023 fiscal year. The Central Bank of India has been planning to issue a digital rupee since April 1, according to CNBC.

“The introduction of the central bank’s digital currency will give a huge boost to the digital economy,” he said. “Digital currencies will be more efficient and more cost-effective for financial management.”

She did not elaborate on the shape or function of the digital rupee. It will be introduced using Blockchain and other technologies. The Reserve Bank of India will launch the digital rupee during the 2022-2023 financial year starting April 1. India is one of the world’s largest economies, introducing the Central Bank for Digital Finance (CBDC).

The plan comes as the government tightens regulations on digital currencies such as Bitcoin. Finance Minister Sitharaman has said he will levy a 30% income tax on transfers of digital assets such as crypto.

China, one of the world’s largest economies, launched the Digital Yuan project in 2014, and in 2020, the JD.com sales platform will accept payments with the country’s own digital currency, the Digital Yuan.

The day before the Indian government’s announcement of a new digital currency, the Jamaican central bank announced the country’s first digital token in the first quarter of 2022. The Caribbean islands of Granada, Saint Lucia Austria and other countries also introduced a new digital currency last year called DCash.