Union Budget 2022: Digital Rupee Using Blockchain Technology to Be Launched by RBI in 2022-23, fate of Bitcoin unclear

At the Union Budget 2022 parliament session, Minister of Finance Nirmala Sitharaman proposed the introduction of a Central Bank Digital Currency (CBDC). The Digital Rupee is said to use blockchain and other technologies and will be issued by the Reserve Bank of India (RBI) in 2022-23.

Finance Minister Nirmala Sitharaman on Tuesday morning confirmed that the Reserve Bank of India will issue a digital rupee soon. The digital currency by RBI will be based on blockchain technology the tech behind Bitcoin and other popular cryptocurrencies. Digital rupee will be issued by 2022-23, the finance minister said, without providing any clarity on the future of Bitcoin and other crypto tokens.

“Digital currency will also lead to a more efficient and cheaper currency management system. It is therefore proposed to introduce a digital rupee using blockchain and other technologies, to be issued by the Reserve Bank of India, starting 2022-23,” the finance minister said.

Also crypto became legal in India, with a 30% tax on income from the sale of digital assets!

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