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.