Finance Minister Nirmala Sitharaman on Tuesday proposed that the Reserve Bank of India will issue a Central Bank Digital Currency (CBDC) in the fiscal 2022-23.

“The digital rupee using blockchain and other technology will be issued by the RBI starting 2022-23,” she said.

In her Budget speech 2022-23, Sitharaman said that the introduction of a CBDC will boost the Indian economy. “It will lead to efficient and cheaper currency management,” she said.

“This is a much awaited initiative. It would be a game changer announcement for India as it would put us at par with global majors on digital currency platforms,” said Mitul Shah, Head of Research at Reliance Securities.

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