In today’s budget speech, India’s Minister of Finance, Nirmala Sithara, announced concrete plans for a central bank digital currency (CBDC). A digital rupee that uses blockchain and other technologies will be issued within the coming tax year, ending March 2023. She cited the primary purposes as to boost the digital economy and manage currencies more efficiently.
The central bank previously said it would start trials in December 2021, but nothing concrete has been hard so far.
This will mean that CBDCs will be issued by the world’s most populous jurisdictions, China and India, each with more than 1.4 billion citizens. The two countries together represent 36% of the global population.
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