India Exploring Commercial Uses for Central Bank Digital Currency, Says Finance Minister

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India Exploring Commercial Uses for Central Bank Digital Currency, Says Finance Minister – The Indian government is looking into using its central bank’s digital currency for a variety of economic goals, not simply financial inclusion.” The digital rupee, which would be backed by the Reserve Bank of India, is expected to be issued by 2023, according to India’s finance minister. 

At a corporate roundtable on Investing in India’s Digital Revolution in San Francisco this week, Indian Finance Minister Nirmala Sitharaman discussed the country’s central bank digital currency, the digital rupee.

The Federation of Indian Chambers of Commerce and Industry, an Indian non-governmental trade association and advocacy group, organized the event. The US-India Strategic Partnership Forum hosted the event.

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The finance minister reiterated that the government and the Reserve Bank of India plan to launch India’s central bank digital currency in 2023, saying:

“The government and the RBI are looking into how it can be used for a variety of business objectives, not simply financial inclusion.”

She stated that the JAM trinity (Jan Dhan-Aadhaar-Mobile) is significantly responsible for financial inclusion.” “The Narendra Modi government’s JAM trinity concept helped to reach the farthest person in the country,” the finance minister previously stated.

Sitharaman stressed that the Indian government continues to push for digital transformation in all sectors. “The Union Budget announced the central bank digital currency, digital banks, and a digital university”. The government keeps nudging in the direction of digitization across sectors.” She added. 

During her Budget speech, the finance minister stated that the creation of a central bank digital currency will provide a significant boost to the country’s digital economy, saying:

“In addition, digital currency will result in a more efficient and cost-effective currency management system.”

Also Read: India’s Decision on Crypto Regulation Will Not Be Rushed – Says Finance Minister

In the meantime, the Indian government is developing a crypto policy. Last week, the finance minister stated that the decision will not be rushed. T. Rabi Sankar, the RBI’s Deputy Governor, said the central bank would launch a digital rupee “in a very measured, progressive manner, assessing impact all along the line.”

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