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.
You may also like
-
India Sees Digital Transactions Worth INR 20K Crore Daily: PM Modi on Mann Ki Baat
-
Exports of Indian Ceramics and Glassware Products Register Growth of 168% in 2021-22 Over 2013-14
-
Pay ₹500 per Day to Customers if Card Closure Request Not Honoured: RBI to Banks
-
UK PM Boris Johnson Signals Visa Flexibility with India to Win Trade Deal. Key Highlights
-
India, Sri Lanka Restart Talks to Link Power Grids