India’s ‘Digital Rupee’ will entail use-cases for an array of commercial purposes, because that is what the country is aiming at with its central bank digital currency (CBDC).
Nirmala Sitharaman, Finance minister has note that the Digital Rupee will expand payment options for Indians, while also expanding government’s efforts for bringing-in financial inclusion.
India’s CBDC, that was first announce in February, is expect to come into circulation by 2023.
It will be back and regulate by the Reserve Bank of India (RBI).
Nirmala Sitharaman was speaking during a roundtable conference on “Investing in India’s Digital Revolution” that was recently held in San Francisco, US.
The event was organise by the Federation of Indian Chambers of Commerce and Industry (FICCI) and was host by the US-India Strategic Partnership Forum (USISPF).
Nirmala Sitharaman Said :
“The government and RBI are looking into its several commercial use purposes and not just financial inclusion,”.
Nirmala Sitharaman claim that Indian government’s JAM trinity (Jan Dhan-Aadhaar-Mobile) has already helping Indians from around the nation to join India’s economic system.
With the CBDC, India is aiming at boosting its digital economy.
FM Nirmala Sitharaman Said :
“Digital currency will lead to a more efficient and cheaper currency management system,”.
The work on Digital Rupee is underway and the government of India does not wish to rush through its development and roll-out processes.
In April, RBI Governor T Rabi Sankar had said a nuance and calibrate approach is essential for launch of India’s maiden digital currency as it would have various implications for the economy and monetary policy.
India is also working on drafting laws around the virtual assets sector that may be present before the parliament later this year.
As India is not looking to adopt any cryptocurrency as a legal tender.
