RBI plans to launch the Digital Rupee, India’s own Central Bank Digital Currency

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The Reserve Bank of India (RBI) plans to launch the Digital Rupee, India’s own Central Bank Digital Currency (CBDC), in the current fiscal year.

The CBDC will be introduced gradually, initially only for wholesale businesses, according to a BS report citing sources. According to the report, the Digital Rupee is designed in such a way that its users have no anonymity. According to media reports last month, the RBI will first make the CBDC available to retail and wholesale segments. Choudhary also stated that the Finance Act of 2022 amended the RBI Act of 1954 to allow the central bank to implement the CBDC this year. Sections of the RBI Act were amended to include CBDC as banknotes.

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RBI plans to launch the Digital Rupee, India’s own Central Bank Digital Currency

The Reserve Bank of India (RBI) plans to launch the Digital Rupee, India’s own Central Bank Digital Currency (CBDC), in the current fiscal year.

The CBDC will be introduced gradually, initially only for wholesale businesses, according to a BS report citing sources. According to the report, the Digital Rupee is designed in such a way that its users have no anonymity. According to media reports last month, the RBI will first make the CBDC available to retail and wholesale segments. Choudhary also stated that the Finance Act of 2022 amended the RBI Act of 1954 to allow the central bank to implement the CBDC this year. Sections of the RBI Act were amended to include CBDC as banknotes.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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