Indian Finance Minister Nirmala Sitharaman said that India could issue a state-owned cryptocurrency by the end of this year or early next.
Speaking at the budget session, Indian Finance Minister Nirmala Sitharaman notedthat the digital currency of the Central Bank will help the development of the country’s economy. With the digital rupee, the Indian government hopes to reduce reliance on cash and increase seigniorage through lower transaction costs.
“The introduction of a digital currency will lead to an efficient and cheap currency management system, and will also give a great impetus to the development of the digital economy,” the minister said.
The issuance of the digital rupee means that by the end of this year, the Indian government will have fully formed the rules for regulating cryptocurrencies in the country. The digital rupee is expected to be efficient, secure and regulated, but the Indian Ministry of Finance plans to carefully weigh all the associated risks.
At the end of last year, it became known that India was postponing the adoption of a law on the regulation of cryptocurrencies to 2022. The country’s government decided to first find out the reaction of the general population to the bill.
Source: Bits
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