Ms Nirmala Sitharaman, Minister of Finance and Minister of Corporate Affairs stated that the ‘Digital Rupee’ was a deliberate decision made in conjunction with the Reserve Bank of India (RBI) and that the government sees clear benefits in a central bank-backed digital currency. She also added, “We see clear advantages in a central bank driven digital currency, because in this day and age, bulk payments happening between- countries, large transactions between institutions and large transactions between central banks themselves of each country- are all better enabled with digital currency,”.
She sees a future for crypto in India and added that many Indians have also seen a future for crypto in India thus there is a possibility to generate revenue in it. She also stated that India requires the 75 Digital Banking Units (DBUs) proposed in this budget since the country is at a point where, despite pushing through a nationalised banking network for 75 years, banking and financial inclusion are not where they should be.
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