The Reserve bank of India (RBI) looks to launch the country’s central bank digital currency (CBDC) following consultation with the government. This was revealed by India’s minister of finance Nirmala Sitharaman, who spoke at an India Global Forum event.
According to Sitharaman, there are several advantages to having a digital rupee. The country’s finance minister explained that a CBDC facilitated large payments between countries, institutions, and central banks. As she put it:
“In this day and age, bulk payments happening between countries, large transactions between institutions, large transactions between central banks themselves of each country are all better enabled with a digital currency. Therefore, we think the RBI would be looking to see how best they can come out with it.”
In addition, when pressed by Coinswitch CEO Ashish Singhal on whether she envisions a future for crypto in India, Sitharaman was not opposed to it. Instead, she suggested that digital currencies could prove to be another viable revenue stream. The Indian finance minister stated this bearing in mind that countless Indians have already taken to crypto.
However, Sitharaman chose to remain coy on the crypto regulation process in India. Refusing to discuss the subject matter further, Sitharaman instead suggested that due process would take its cause.
Sitharaman’s address at the India Global Forum saw attendance from top executives and founders of India’s 30 unicorn startups.
Image Credits: Pixabay
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