New Delhi, 6/2: India may get its official digital currency as early as 2023. It will be similar to the electronic wallet currently available in a private company operated one, but with a ‘Government Guarantee’ attached to it. A top government source gave this information.
Finance Minister Nirmala Sitharaman, while presenting the budget for the financial year 2022-23, said last week that a central bank-backed ‘digital rupee’ would be introduced soon.
This will be a government guaranteed digital wallet
This source, on the condition of anonymity, said that the digital currency issued by the Reserve Bank will have unique digits like the Indian currency. It will not be different from ‘flat’ currency. This will be its digital form. In a way, it can be said that this will be a government-guaranteed digital wallet. The units issued in the form of digital currency will be included in the currency in circulation.
The source said that the central bank has indicated that the digital rupee will be ready by the end of the next financial year. The Digital Rupee Blockchain developed by the Reserve Bank will be able to trace all types of transactions. Mobile wallets of private companies currently do not have this system.
digital currency will remain in the phone
Explaining this, the source said that people currently transfer money to private companies using the electronic wallets of private companies. This money remains with them and these companies make payments on behalf of the customers to the merchants i.e. shopkeepers etc. on any transaction.
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