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Amid the debate over the future of cryptocurrencies in India, Nirmala Sitharaman has said that the digital currency will be launched in the new fiscal year. The Finance Minister said that the RBI proposes to introduce a ‘Digital Rupee’ using blockchain technology from 2022-23. He said that the launch of the digital currency will give a boost to the digital economy.
Let us tell you that there are different types of debate in the country about the future of cryptocurrencies. There have also been hints of strictness on cryptocurrencies from the government. At the same time, the Reserve Bank has also briefed the government on cryptocurrency concerns.
In July last year, the central bank’s deputy governor, T Ravi Shankar, hinted at the launch of a digital currency. He said that it is difficult to know the date of bringing the digital currency. We can probably bring the model of him at the end of 2021. However, this could not happen. Now, the Finance Minister has said that RBI will launch this coin in the new fiscal year. However, it remains to be seen how this coin will perform and what the future of cash will be.