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RBI to come up with digital currency based on blockchain

Date: 02 February 2022 Tags: Monetary Policy & RBI
  • Union Finance Minister Nirmala Sitharaman announced the introduction of a Central Bank digital currency during the presentation of the Union Budget 2022.
  • The move will give a boost to the digital economy, leading to a cheaper currency management system. Blockchain and other technologies will be used by RBI.
  • A Central Bank Digital Currency (CBDC) is no different from the cash that we hold in our wallets, except that it exists in a digital form.