Fun

India Exploring Commercial Uses for Central Bank Digital Currency, Says Finance Minister

News Feed - 2022-05-01 03:05:38

India Exploring Commercial Uses for Central Bank Digital Currency, Says Finance Minister


The Indian government is exploring “several commercial use purposes and not just financial inclusion” for its central bank digital currency. India’s finance minister clarified that the aim is for the digital rupee, which will be backed by the Reserve Bank of India (RBI), to be issued by 2023. India’s Finance Minister on RBI-Backed Digital Currency


Indian Finance Minister Nirmala Sitharaman talked about the country’s central bank digital currency (CBDC), the digital rupee, this week at a business roundtable on “Investing in India’s Digital Revolution” in San Francisco.


The event was organized by the Federation of Indian Chambers of Commerce & Industry (FICCI), a non-governmental trade association and advocacy group based in India. It was hosted by the U.S.-India Strategic Partnership Forum (USISPF).


Reiterating that the government and the Reserve Bank of India (RBI) aim to introduce India’s central bank digital currency in 2023, the finance minister described: The government and RBI are looking into its several commercial use purposes and not just financial inclusion.


She noted that financial inclusion “is largely achieved through the JAM trinity (Jan Dhan-Aadhaar-Mobile).” The minister of finance previously claimed: “The JAM trinity concept of the Narendra Modi government helped to reach the farthest person in the country.”


Sitharaman emphasized that the Indian government maintains a consistent digital push across all industries. She stressed: “Central bank digital currency, digital banks, and digital university were announced in the Union Budget. There is a continuous digital nudge by the government across sectors.”


The finance minister explained during her Budget speech that the introduction of a central bank digital currency will give a big boost to the country’s digital economy, stating: Digital currency will also lead to a more efficient and cheaper currency management system.


Meanwhile, the Indian government is working on the country’s crypto policy. The finance minister said this week that the decision will not be rushed through. RBI Deputy Governor T. Rabi Sankar said the central bank would go about launching a digital rupee “in a very calibrated, graduated manner, assessing impact all along the line.”


Finance ministry officials are also discussing crypto regulation with the International Monetary Fund (IMF) and the World Bank. Tags in this story Bitcoin, CBDC, Crypto, Cryptocurrency, digital rupee, indian cbdc, indian central bank digital currency, Indian cryptocurrency Indian crypto regulation Indian finance minister, Nirmala Sitharaman, Nirmala Sitharaman bitcoin, Nirmala Sitharaman crypto, RBI


What do you think about the comments by India’s finance minister? Let us know in the comments section below. Kevin Helms


A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. Swiss National Bank: "Buying Bitcoin Is Not a Problem for Us" REGULATION | 6 hours ago Bill Regulating Crypto Mining Submitted to Russian Parliament REGULATION | 14 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleWith an ‘Aggressive’ Fed Rate Hike Expected Next Week, Stocks and Crypto Markets Lose Billions Next articleSolana Co-Founder Believes Bitcoin Needs to Change to Proof-of-Stake Consensus to Remain Relevant Show comments More Popular NewsIn Case You Missed ItDraft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament


A bill updating Russia’s tax law to incorporate provisions pertaining to cryptocurrencies has been filed with the State Duma, the lower house of parliament. The legislation is tailored to regulate the taxation of sales and profits in the country’s market ... read more.Australia to List Bitcoin ETF After 4 Clearinghouse Participants Commit to Meet Stringent Margin Terms FBI Issues Alert Concerning Malicious State-Sponsored North Korean Hackers Targeting Crypto Firms Interest in Real Estate Investments in Spain Grew 400%, With Some Using Crypto and Stocks as Payment Method Economist Predicts the Fed"s Response to Inflation Will Push Crypto Higher

News Feed

Paraguay miners urge state electricity board to reconsider upcoming price hike
Ezra Reguerra10 hours agoParaguay miners urge state electricity board to reconsider upcoming price hikeCapamad spokesperson Jimmy Kim claims that the electricity price increase set for Aug. 1 may force 70% of legal crypt
Amaka Nwaokocha12 hours agoBitMEX co-founder predicts Bitcoin surge amid dollar liquidity riseArthur Hayes encouraged fellow Bitcoin enthusiasts to stay focused, highlighting a significant uptick in dollar liquidity.6247
Binance to Help South Korean City of Busan Grow Crypto Adoption, Develop Blockchain Ecosystem
Binance to Help South Korean City of Busan Grow Crypto Adoption, Develop Blockchain Ecosystem Binance is helping the South Korean city of Busan “grow crypto adoption within
Bitfinex database breach 'seems fake,' says CTO
Ciaran Lyons3 hours agoBitfinex database breach "seems fake," says CTOBitfinex CTO Paolo Ardoino explained that if the hacking group was telling the truth, they would have asked for a ransom, but he "couldn"t find a
Trader loses 7-figure sum due to 0L Network hard fork
Zoltan Vardai10 hours agoTrader loses 7-figure sum due to 0L Network hard fork“Forking out wallets without community input is theft,” according to the trader, who also claims to be part of 0l Network’s marketing te
Apple on Metaverse: We See a Lot of Potential and Are Investing — CEO Tim Cook Says ‘It’s Very Interesting to Us’
Apple on Metaverse: We See a Lot of Potential and Are Investing — CEO Tim Cook Says "It"s Very Interesting to Us" Apple CEO Tim Cook says the metaverse has a lot of potential and
Solaxy Presale Burns Red Hot as Whales Snatch $495K in Two Days: Best Presale Ends Tomorrow
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Serbian National Arrested and Extradited to the US for His Role in a $70M Crypto Mining Case
Serbian National Arrested and Extradited to the US for His Role in a $70M Crypto Mining Case A Serbian national has been extradited to the United States to face
Bitcoin’s Hashrate Hits an All-Time High Nearing 300 Exahash per Second
Bitcoin"s Hashrate Hits an All-Time High Nearing 300 Exahash per Second While Bitcoin’s mining difficulty was expected to decrease two days ago on June 8, instead the diffic
Arijit Sarkar14 hours agoEU Parliament research recommends non-EU nations tighten crypto regulationPotential implications around financial stability, lower market appeal and mainstream use of stablecoins were the main co
Germany’s Inflation Hits Double Digits for the First Time Since WWII, Parliament Reveals $195B Subsidies Package to ‘Make Prices Drop’
Germany"s Inflation Hits Double Digits for the First Time Since WWII, Parliament Reveals $195B Subsidies Package to "Make Prices Drop" Following the Covid-19 pandemic, the massive
Ray Salmond9 hours agoProject roadmap or token price — Which is most important?Content creator KryptosChain explains why a project’s roadmap and token price are important to its success, as well as the upgrades to th