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!