RBI is working on launching India’s digital currency, says FM Nirmala Sitharaman

By | February 7, 2022

FM Sitharaman said that government officials were constantly monitoring the crypto sector.

Nirmala Sitharaman

FM Nirmala Sitharaman at India Today Budget Roundtable 2022, on “State Of India’s Economy – The Final Word”. (India Today Photo by Chnadradeep Kumar)

Finance Minister Nirmala Sitharaman on Monday said the Reserve Bank of India (RBI) is working on launching India’s own digital currency. She also said that taxation on crypto assets will be implemented first.

FM Sitharaman was speaking at India Today Budget Roundtable 2022, on “State Of India’s Economy The Final Word”.

DIGITAL CURRENCY

“The form and shape of India’s digital currency will largely depend upon the Reserve Bank of India (RBI). The Ministry of Finance had consultations with RBI and the country’s central bank is working on it,” FM Sitharaman said.

GOVT MONITORING CRYPTO

FM Sitharaman said that government officials were constantly monitoring the crypto sector.

“We have a team of people who are constantly monitoring, watching the crypto sector and listening to people from that area. They are giving me feedback,” FM Sitharaman said.

In her Budget 2022-23 speech on February 1, FM Sitharaman proposed the RBI would introduce digital currency in the next financial year beginning April 2022 to boost the digital economy and efficient currency management.

The introduction of a central bank digital currency will give a big boost to the digital economy. Digital currency will also help in the currency management system, the minister said.

“Digital currency will also lead to a more efficient and cheaper currency management system. It is therefore proposed to introduce the digital currency using blockchain and other technologies to be issued by the Reserve Bank of India, starting 2022-23,” FM Sitharaman said.

ALSO READ | How Govt plans to tax your future crypto transactions

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