India plans its CBDC called Digital rupee

Indian Finance Minister Ms Nirmala Sitharaman ,in her budget speech . announced that India is going to introduce Digital Rupee before March 2023
By: PLAN N PROGRESS
 
MYSORE, India - Feb. 5, 2022 - PRLog -- Indian Finance Minister  Ms Nirmala Sitharaman had  informed the lawmakers of the country  "  Introduction of Central Bank Digital Currency (CBDC) will give a big   boost to digital economy. Digital currency will also lead to a more efficient  and cheaper currency management system. It is, therefore, proposed to  introduce Digital Rupee, using blockchain and other technologies, to be  issued by the Reserve Bank of India starting 2022-23.  "

What is  CBDC ?  A CBDC is the legal tender issued by a central bank in a digital form. It is the same as a fiat currency and is exchangeable one-to-one with the fiat currency. Only its form is different.

While present  wallet rupees used under payment  systems are authorized by the country' s  central Bank Reserve Bank of Indi (  RBI )  . Digital  rupee  will be directly issued by the RBI itself and hence considered safe  to hold .

While  private cryptocurrencies like Bitcoins  are tradable  in the market  , value of Digital Rupee is tied with its  currency Indian Rupee ( INR )  .
It is expected  that the new Digital Rupee will gove boost to country's payment  system ,  while  private cryptocurrencies  continue to be trading and investment  instruments  . Next years onward , Indians have to pay whooping 30 %  tax on the income   they get from sale  of private cryptocurrencies .

Source :  PLAN N PROGRESS
https://www.plannprogress.com/digital-rupee.html (https://l.facebook.com/l.php?u=https%3A%2F%2Fwww.plannpro...)

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