Union Budget, 2022: Indian Govt. Introducing Digital Currency

In the Union Budget 2022-2023, FM Nirmala Sitharaman announces the introduction of digital currency in the country. The digital money is to be launched by the RBI in 2023.

Digital Rupee via blockchain will be introduced. Central bank digital currencies (CBCD) are going to be issued by the central bank of India, the RBI. Digital currency has been in notion in the country significantly from the last budget. FM Sitharaman and the RBI have been much concerned about the existing digital currencies like bitcoin for a long time. They are anticipating irregularities regarding the digital currencies, as these are not regulated by SEBI or RBI in the country. Already, Russia has been militant against digital currencies in their country.

So, the Indian government has finally decided to launch a digital Rupee, which is a much-expected move.

Additionally, the digital currencies in India are going to be taxed at the rate of 30%.