Indian Government expects the RBI to roll out its Digital Currency in 2022

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Indian Government expects the RBI to roll out its Digital Currency in 2022
09 Mar 2022
6 min read

News Synopsis

The finance minister of India, Nirmala Sitaraman has said that the government of India expects the Reserve Bank of India to roll out its digital currency in 2022. At the Indian Global Forum, the finance minister said that the government of India has had a lot of consultation with the RBI around digital currency, which will be designed by the central bank itself.

The Finance Bill of 2022 suggested that the Central Bank Digital Currency (CBDC) should also be considered a banknote. The central bank has been working on  CBDC for two years. RBI Vice President T Rabi Sankar also said that the next step for the central bank is to carry out pilot projects and proofs-of-concept.

The India Global Forum was attended by top executives and founders of India’s 30 unicorn startups, including chief executive of Dream11 Harsh Jain, CEO of CoinSwitch Kuber Ashish Singhal and co-founder of VerSe Innovation Umang Bedi.

The government of India proposed a 30% tax on the proceeds from the sale of cryptocurrencies and other digital assets, during the budget session of 2022. The payments made to transfer digital assets will also attract a TDS of 1%.

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