Union Budget 2022 proposes to introduce digital rupee to be issued by RBI

FM sees big push to digital economy, says digital currency will also lead to a more efficient and cheaper currency management system

Finance Minister Nirmala Sitharaman on Tuesday said that a digital rupee, using blockchain and other technologies, will be issued by the Reserve Bank of India (RBI) starting 2022-23.

“Introduction of Central Bank Digital Currency (CBDC) will give a big boost to the digital economy. Digital currency will also lead to a more efficient and cheaper currency management system”, said Nirmala Sitharaman in her budget speech.

In the last monetary policy meeting, RBI deputy governor, T Rabi Sankar had said, they are working on types of CBDC. One wholesale account based; and the other retail account based. “A lot of work has been