{"id":3804,"date":"2022-05-01T08:25:15","date_gmt":"2022-05-01T08:25:15","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=3804"},"modified":"2022-05-01T08:25:16","modified_gmt":"2022-05-01T08:25:16","slug":"india-exploring-commercial-uses-for-central-bank-digital-currency-says-finance-minister","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=3804","title":{"rendered":"India Exploring Commercial Uses for Central Bank Digital Currency, Says Finance Minister"},"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 is exploring \u201cseveral commercial use purposes and not just financial inclusion\u201d for its central bank digital currency. India\u2019s finance minister clarified that the aim is for the digital rupee, which will be backed by the Reserve Bank of India (RBI), to be issued by 2023.<\/strong><\/p>\n<h2>India\u2019s Finance Minister on RBI-Backed Digital Currency<\/h2>\n<p>Indian Finance Minister Nirmala Sitharaman talked about the country\u2019s central bank digital currency (CBDC), the digital rupee, this week at a business roundtable on \u201cInvesting in India\u2019s Digital Revolution\u201d in San Francisco.<\/p>\n<p>The event was organized by the Federation of Indian Chambers of Commerce &amp; Industry (FICCI), a non-governmental trade association and advocacy group based in India. It was hosted by the U.S.-India Strategic Partnership Forum (USISPF).<\/p>\n<p>Reiterating that the government and the Reserve Bank of India (RBI) aim to introduce India\u2019s central bank digital currency in 2023, the finance minister described:<\/p>\n<p>The government and RBI are looking into its several commercial use purposes and not just financial inclusion.<\/p>\n<p>She noted that financial inclusion \u201cis largely achieved through the JAM trinity (Jan Dhan-Aadhaar-Mobile).\u201d The minister of finance previously claimed: \u201cThe JAM trinity concept of the Narendra Modi government helped to reach the farthest person in the country.\u201d<\/p>\n<p>Sitharaman emphasized that the Indian government maintains a consistent digital push across all industries. She stressed: \u201cCentral bank digital currency, digital banks, and digital university were announced in the Union Budget. There is a continuous digital nudge by the government across sectors.\u201d<\/p>\n<p>The finance minister explained during her Budget speech that the introduction of a central bank digital currency will give a big boost to the country\u2019s digital economy, stating:<\/p>\n<p>Digital currency will also lead to a more efficient and cheaper currency management system.<\/p>\n<p>Meanwhile, the Indian government is working on the country\u2019s crypto policy. The finance minister said this week that the decision will not be rushed through. RBI Deputy Governor T. Rabi Sankar said the central bank would go about launching a digital rupee \u201cin a very calibrated, graduated manner, assessing impact all along the line.\u201d<\/p>\n<p>Finance ministry officials are also discussing crypto regulation with the International Monetary Fund (IMF) and the World Bank.<\/p>\n<p>Tags in this story<\/p>\n<p>Bitcoin, CBDC, Crypto, Cryptocurrency, digital rupee, indian cbdc, indian central bank digital currency, Indian cryptocurrency Indian crypto regulation Indian finance minister, Nirmala Sitharaman, Nirmala Sitharaman bitcoin, Nirmala Sitharaman crypto, RBI<\/p>\n<p><em><strong>What do you think about the comments by India\u2019s finance minister? 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>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-exploring-commercial-uses-for-central-bank-digital-currency-says-finance-minister\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Indian government is exploring \u201cseveral commercial use purposes and not just financial inclusion\u201d for its central bank digital currency. India\u2019s finance minister clarified that the aim is for the digital rupee, which will be backed by the Reserve Bank of India (RBI), to be issued by 2023. India\u2019s Finance Minister on RBI-Backed Digital Currency [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":3805,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[1],"tags":[],"class_list":["post-3804","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\/3804","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=3804"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/3804\/revisions"}],"predecessor-version":[{"id":3806,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/3804\/revisions\/3806"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/3805"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3804"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3804"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3804"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}