Amidst the debate about the future of cryptocurrencies in India, Nirmala Sitharaman has said that the launch of digital currency will take place in the new financial year. The Finance Minister said that it is proposed by RBI to introduce ‘Digital Rupee’ using blockchain technology from 2022-23. He said that the launch of digital currency will give a boost to the digital economy.
Let us tell you that there are different types of debate in the country on the future of cryptocurrencies. There have also been signs of strictness on crypto from the government. At the same time, the Reserve Bank has also informed the government about the concerns of crypto.
In July last year, the central bank’s deputy governor T Ravi Shankar had indicated to launch a digital currency. He had said that it is difficult to tell the date of introduction of digital currency. We can probably bring its model by the end of 2021. However, this could not happen. Now the Finance Minister has told that RBI will launch this currency in the new financial year. However, it is important to see how this currency will work and the future of cash.