Finance Minister Nirmala Sitharaman on Tuesday confirmed that the Reserve Bank of India will issue a digital rupee soon, reported India Today.
The digital currency by RBI will be based on blockchain technology the tech behind Bitcoin and other popular cyrptocurrencies.
Digital rupee will be issued by 2022-23, the finance minister said, without providing any clarity on the future of Bitcoin and other crypto tokens.
“Digital currency will also lead to a more efficient and cheaper currency management system. It is therefore proposed to introduce a digital rupee using blockchain and other technologies, to be issued by the Reserve Bank of India, starting 2022-23,” the finance minister said.
RBI had expressed its desire to introduce a digital currency last year.