{"id":1598,"date":"2022-02-02T08:43:53","date_gmt":"2022-02-02T08:43:53","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=1598"},"modified":"2022-02-02T08:43:54","modified_gmt":"2022-02-02T08:43:54","slug":"india-announces-upcoming-launch-of-central-bank-digital-currency-digital-rupee-to-be-issued-by-rbi","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=1598","title":{"rendered":"India Announces Upcoming Launch of Central Bank Digital Currency, Digital Rupee, to Be Issued by RBI"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p><strong>The Indian government has announced the upcoming launch of the country\u2019s central bank digital currency. The digital rupee will be issued by the Reserve Bank of India (RBI) in the financial year 2022-23, Indian Finance Minister Nirmala Sitharaman said during her budget speech.<br \/><\/strong><\/p>\n<h2>RBI\u2019s Digital Currency, the Digital Rupee, Coming Soon<\/h2>\n<p>India\u2019s finance minister, Nirmala Sitharaman, announced Tuesday while presenting the federal budget 2022 in Parliament that the Reserve Bank of India (RBI) will issue a central bank digital currency (CBDC) in the new financial year.<\/p>\n<p>Noting that the \u201cIntroduction of central bank digital currency (CBDC) will give a big boost to the digital economy\u201d and \u201cDigital currency will also lead to a more efficient and cheaper currency management system,\u201d She said:<\/p>\n<p>It is, therefore, proposed to introduce digital rupee, using blockchain and other technologies, to be issued by the Reserve Bank of India starting 2022-23.<\/p>\n<p>Following the finance minister\u2019s announcement, Union Commerce and Industry Minister Piyush Goyal explained to ANI publication:<\/p>\n<p>The digital currency issued by the Reserve Bank of India will be the official and legal tender. RBI will issue this official digital currency so that India does not lag behind as new technologies like blockchain and others that are evolving in the world.<\/p>\n<p>He continued: \u201cThe government does not recognize private cryptocurrencies as legal tender. If people keep those as assets they can but there will be a 30% tax on them.\u201d The Indian government refers to all non-RBI-issued cryptocurrencies, including bitcoin and ether, as \u201cprivate\u201d cryptocurrencies.<\/p>\n<p>During her budget speech Tuesday, the finance minister also proposed taxing income from cryptocurrency transactions at 30%. She also noted that \u201cNo deduction in respect of any expenditure or allowance shall be allowed while computing such income, except the cost of acquisition.\u201d<\/p>\n<p>A growing number of central banks worldwide are exploring central bank digital currencies. According to the Atlantic Council\u2019s central bank digital currency tracker, 87 countries are now working on a CBDC.<\/p>\n<p>India will become one of the world\u2019s largest economies to introduce a CBDC if the digital rupee is launched this coming financial year.<\/p>\n<p>Meanwhile, China has been trialing its digital yuan over the past two years. The People\u2019s Bank of China (PBOC) said in January that its central bank digital currency now has over 261 million unique users. In addition, transactions worth almost $14 billion have been made using the digital yuan and more than 8 million merchants now accept e-CNY.<\/p>\n<p>Tags in this story<\/p>\n<p>CBDC, Central Bank, central bank digital currency, digital rupee, India, indian central bank, issuing digital rupee, RBI, rbi digital currency, RBI digital rupee, Reserve Bank of India<\/p>\n<p><em><strong>What do you think about India\u2019s plan to issue a central bank digital currency? Let us know in the comments section below.<\/strong><\/em><\/p>\n<p>Kevin Helms <\/p>\n<p class=\"article__body__author__info__about\">\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.<\/p>\n<p><i class=\"td-icon-font td-icon-mail-1\"\/><\/p>\n<p class=\"images_credits\"><em>Image Credits: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n<p><strong>Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<p>More Popular NewsIn Case You Missed It<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/news.bitcoin.com\/india-central-bank-digital-currency-digital-rupee-issued-by-rbi\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Indian government has announced the upcoming launch of the country\u2019s central bank digital currency. The digital rupee will be issued by the Reserve Bank of India (RBI) in the financial year 2022-23, Indian Finance Minister Nirmala Sitharaman said during her budget speech. RBI\u2019s Digital Currency, the Digital Rupee, Coming Soon India\u2019s finance minister, Nirmala [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1599,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[1],"tags":[],"class_list":["post-1598","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-updates"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/1598","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1598"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/1598\/revisions"}],"predecessor-version":[{"id":1600,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/1598\/revisions\/1600"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/1599"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1598"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1598"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1598"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}