{"id":1634,"date":"2022-02-03T16:36:19","date_gmt":"2022-02-03T16:36:19","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=1634"},"modified":"2022-02-03T16:36:20","modified_gmt":"2022-02-03T16:36:20","slug":"indias-prime-minister-modi-digital-rupee-will-strengthen-digital-economy-revolutionize-fintech","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=1634","title":{"rendered":"India&#8217;s Prime Minister Modi: Digital Rupee Will Strengthen Digital Economy, Revolutionize Fintech"},"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>India\u2019s prime minister, Narendra Modi, says an Indian central bank digital currency will strengthen the digital economy. The digital rupee will also revolutionize the fintech sector by creating new opportunities and lessening the burden of handling, printing, and the logistics of cash management, the prime minister reportedly explained.<br \/><\/strong><\/p>\n<h2>India\u2019s Prime Minister Modi Sees Benefits of Digital Rupee<\/h2>\n<p>Indian Prime Minister Narendra Modi reportedly highlighted the potential benefits of India\u2019s central bank digital currency (CBDC), the digital rupee, on Wednesday while addressing Bharatiya Janata Party (BJP) members and leaders at a virtual conference on the federal budget.<\/p>\n<p>The country\u2019s finance minister, Nirmala Sitharaman, announced during her budget speech Tuesday that the central bank, the Reserve Bank of India (RBI), will launch a digital rupee in the financial year 2022-23.<\/p>\n<p>Prime Minister Modi was quoted by local media as saying:<\/p>\n<p>The digital rupee will be the digital form of our physical rupee and will be regulated by the RBI. This will be such a system that will enable an exchange of physical currency with digital currency.<\/p>\n<p>\u201cCentral bank digital currency will strengthen the digital economy \u2026 If anyone makes a payment in digital currency, you will be able to change it to cash,\u201d the prime minister emphasized.<\/p>\n<p>Noting that \u201cCBDC will make digital payments and online transfers of funds more secure and risk-free,\u201d Prime Minister Modi said, \u201cThis will also lead to ease in development of global digital payment systems.\u201d The prime minister added:<\/p>\n<p>The digital rupee will revolutionize the fintech sector by creating new opportunities and lessen the burden in handling, printing, logistics management of cash.<\/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. India would become one of the world\u2019s first major economies to introduce a central bank-backed digital currency if the RBI issues the digital rupee this coming financial year.<\/p>\n<p>Tags in this story<\/p>\n<p>CBDC, Central Bank, central bank digital currency, digital rupee, India, India&#8217;s prime minister, Indian Prime Minister, Modi cbdc, Modi Central Bank digital currency, Modi digital rupee, Prime Minister Narendra Modi, RBI<\/p>\n<p><em><strong>What do you think about the RBI issuing a digital rupee? 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\/indias-prime-minister-modi-digital-rupee-strengthen-digital-economy-revolutionize-fintech\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>India\u2019s prime minister, Narendra Modi, says an Indian central bank digital currency will strengthen the digital economy. The digital rupee will also revolutionize the fintech sector by creating new opportunities and lessening the burden of handling, printing, and the logistics of cash management, the prime minister reportedly explained. India\u2019s Prime Minister Modi Sees Benefits of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1635,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[1],"tags":[],"class_list":["post-1634","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\/1634","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=1634"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/1634\/revisions"}],"predecessor-version":[{"id":1636,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/1634\/revisions\/1636"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/1635"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1634"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1634"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1634"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}