Digital Rupee Using Blockchain Will Be Issued Soon By RBI, Says Finance Minister Nirmala Sitharaman

A new digital rupee will be introduced with the help of blockchain technology in 2022-23, announced Finance Minister Nirmala Sitharaman.

Blockchain technology is a distributed ledger that updates in real-time. It is used to monitor cryptocurrencies as well as non-fungible tokens (NFTs). However, India isn’t the only country to introduce a digital currency as Bahamas, Nigeria, and other five islands in East Caribbean also launched CBDCs.

The Finance Minister stated that the Reserve Bank Of India (RBI) is going to bring a digital rupee soon. “RBI to introduce digital rupee using blockchain technology in the financial year 2022-23,” said Sitharaman.

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