India’s Finance Minister Admires the CBDC and RBI for pushing Development.
India appears to be nearing the completion of its plans for a central bank digital currency, dubbed the “Digital Rupee.” On Tuesday, March 8, India’s Union Finance Minister, Nirmala Sitharaman, expressed her support for the CBDC, stating that there are evident benefits to having one.
As a result, the Finance Ministry is consulting with the Reserve Bank of India (RBI) on the subject. Sitharaman stated in an interview on Tuesday:
“We see great benefits in a central bank-driven digital currency becanir,use, in this day and age, bulk payments across countries, large transactions among organisations, and big payments between each country’s central banks are all better supported by digital currency.”
She went on to say that they are now working on the design of the CBDC and expect it to be ready by the end of the year. Last month, during her budget speech, India’s Finance Minister took a similar stance. By FY 22-23, the Digital Rupee will be available in the market.
“Many Indians have seen a lot of future in it, and thus I see a possibility for revenue in it,” the FM stated when asked about the future of crypto in India.