Indiacentral bank digital currency (CBDC) or aka “digital rupee“It looks like it has stepped up its plans to realize it. It is known that the Ministry of Finance has held some consultations with the Reserve Bank of India (RBI) on this issue. Indeed, the Minister of Finance of the Union of India Nirmala Sitharamanin a speech he gave today, stated that there are clear advantages to having a CBDC and said:
We see clear advantages in a central bank-focused digital currency. Because in the age we live in today, bulk payments between countries, large transactions between institutions and large-scale transactions between the central banks of each country are better enabled with digital currency.
Sitharaman also stated that they are working on the design of the CBDC and expect it to be released by the end of this year. The Finance Minister of India took a similar stance during his budget speech last month.
Uncertainty About Regulators Continues
On the other hand, last month, Nirmala Sitharaman, India’s crypto earnings 30% taxationannounced that it will continue. However, he also said that they still have not decided exactly how to continue regulations in the crypto space.
At this point, he stated that he was in consultation with everyone interested in the issue and that the issue was duly discussed during the consultation process. He also underlined that they are very meticulous about acting in accordance with the legal regulations.