Everyone has been keenly waiting for the Budget 2022 announcement from the Government and it’s taking place as we speak on Tuesday, 1st Feb 2022. There are always massive takeaways from the Budget annually, affecting people and businesses from different industries, different backgrounds, and different walks of life.
There are multiple talking points from the Budget 2022 but one of the biggest takeaways has to be the fact that there has been acknowledgement of blockchain and other similar technologies. It’s come as a surprise and shock to all as the big breaking news is that a digital rupee will be issued by the RBI, effective from FY 2022-23.
RBI to issue Digital Rupee
Finance Minister Nirmala Sitharaman announced in Budget 2022 today that there will be a digital rupee managed by the RBI. He further mentioned that the use of digital currency by central bank will lead to cheaper currency management and will make use of blockchain technology effective from financial year 2022-23.
The Centre informed Lok Sabha last year itself that the central bank (RBI) is working on a plan for the phased implementation strategy for introduction of Central Bank Digital Currency (CBDC) so those who have been following updates here would know that this has been in the pipeline for a while now.
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The move is sure to give a big boost to the Indian economy, as mentioned by FM Sitharaman as well. We heard further that the RBI moved a proposal in October 2021 where they sought to amend the Reserve Bank of India Act, 1934, in order to enhance the scope of the definition of ‘bank note’. This was to include currency in a digital form.
There have been months of debating of whether or not crypto should be allowed in the country and we believe that the crypto ban will be effective, while allowing the use of blockchain technology for the purpose of a digital rupee only. The purpose of this would be to reduce dependency on cash, lower transaction costs and reduced settlement risks.
Digital rupee to be issued using blockchain and other technologies; to be issued by RBI starting 2022-23. This will give a big boost to the economy: FM Nirmala Sitharaman#Budget2022 pic.twitter.com/tUdj2DoZCR
— ANI (@ANI) February 1, 2022
While it’s not a greenlight for crypto traders and stakeholders, it’s a step in the right direction. We know that today it’s a digital rupee, tomorrow it could be increased acceptance from banks as well. It’s overall good news for the crypto industry, and all the top crypto exchanges will also be super happy about this update from Budget 2022.
This is a developing story. Refresh for more details. For more finance updates from around the world, stay tuned to ReadScoops.com…
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