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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.

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

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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.

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