RBI to launch blockchain-backed digital rupee in FY23

Digital currency will also lead to a more efficient and cheaper currency management system.

The Reserve Bank of India will launch a digital rupee based on blockchain technology by 2022-2023, finance minister Nirmala Sitharaman said during her budget speech.

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

China has made a head start in digital currency. As of 2021, nearly 21 million personal and 3.51 million corporate digital yuan wallets have been opened, said People Bank of China.


Sign up for your weekly dose of what's up in emerging technology.

Digital dollar, e-yuan and digital euro are making headways in economies around the world.

More Great AIM Stories

SharathKumar Nair
Sharath is an ardent believer in the ‘Transhumanism’ movement. Anything and everything about technology excites him. At Analytics India Magazine, he writes about artificial intelligence, cybersecurity and the impact these emerging technologies have on day-to-day human lives. When not working on a story, he spends his time reading tech novels and watching sci-fi movies and series.

AIM Upcoming Events

Early Bird Passes expire on 3rd Feb

Conference, in-person (Bangalore)
Rising 2023 | Women in Tech Conference
16-17th Mar, 2023

Conference, in-person (Bangalore)
Data Engineering Summit (DES) 2023
27-28th Apr, 2023

3 Ways to Join our Community

Telegram group

Discover special offers, top stories, upcoming events, and more.

Discord Server

Stay Connected with a larger ecosystem of data science and ML Professionals

Subscribe to our Daily newsletter

Get our daily awesome stories & videos in your inbox