Categories: News

India’s own digital currency will be rolled out soon

Representative Image

NEW DELHI: Nirmala Sitharaman, Minister of Finance, Government of India, while talking on the Union Budget 2022, announced the introduction of digital rupee by the Reserve Bank of India. The Central Bank Digital Currency (CBDC) or the digital rupee will be introduced using blockchain.

It was in October 2021 that the Reserve Bank of India had gained approval for a modification to the Reserve Bank of India Act, 1934, to broaden the definition of “bank note” to include digital currency. The central government had said earlier that CBDC has the potential to provide significant benefits including reduced dependency on cash. Pankaj Chaudhary, Minister of State, Ministry of Finance, GoI, said that RBI has been researching use cases and developing a phased deployment approach for bringing CBDC to market with minimal interruption.

Team Urban Update

Recent Posts

Gadkari: EV prices to match petrol, diesel cars in two years

Representative Image NEW DELHI: Nitin Gadkari, Minister for Road Transport and Highways, Government of India,…

2 months ago

14 lakh homes built in Gujarat under PMAY scheme

Representative Image GANDHINAGAR, Gujarat: Gujarat has reached a significant milestone in the construction of homes…

2 months ago

MBMC launches ‘Central School Control Room’ for students’ safety

Representative Image THANE, Maharashtra: The Mira Bhayander Municipal Corporation (MBMC) in Maharashtra has established a…

2 months ago

Delhi govt extends ban on sale, production of firecrackers till Jan 2025

Representative Image NEW DELHI: With the aim to tackle the increasing air pollution level in…

2 months ago

UPSIDA takes over maintenance of 34 industrial areas from ULBs

Representative Image LUCKNOW, Uttar Pradesh: The Uttar Pradesh State Industrial Development Authority (UPSIDA) has come…

2 months ago

Delhi Jal Board to team up with WATCO for 24/7 water supply

Representative Image NEW DELHI: The Delhi Jal Board (DJB) plans to collaborate with the Water…

2 months ago