Digital Rupee will strengthen Digital Economy, revolutionize Fintech: PM
By MYBRANDBOOK
While addressing the 'Atmanirbha Arthavyavastha' (self-reliant economy) symposium organised by the BJP, Prime Minister Narendra Modi said that an Indian central bank digital currency will strengthen the digital economy.
He further explained that the digital rupee will also revolutionize the fintech sector by creating new opportunities and lessening the burden of handling, printing, and the logistics of cash management.
Modi said, “The digital rupee will be the digital form of our physical rupee and will be regulated by the RBI. This will be such a system that will enable an exchange of physical currency with digital currency. Central bank digital currency will strengthen the digital economy … If anyone makes a payment in digital currency, you will be able to change it to cash.”
Modi said the launch of CBDC will make digital payments and online transfer of funds more secure and risk free.
Finance minister Nirmala Sitharaman, during her budget speech announced that the Reserve Bank of India will launch a digital rupee in the financial year 2022-23.
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