Budget 2022: Digital Currency will be issued by RBI in 2022-23

The Union Finance Minister, Nirmala Sitharaman while giving her budget speech 2022-23 said that the Digital Currency will be issued by the RBI in 2022-23.

“Digital currency will also lead to a more efficient and cheaper currency management system. It is therefore proposed to introduce a digital rupee using blockchain and other technologies, to be issued by the Reserve Bank of India, starting 2022-23,” the finance minister said.

Enabled by blockchain technology, Digital Rupee will be issued by the Reserve Bank of India in 2022-23, Finance Minister Nirmala Sitharaman announced in her Union Budget speech on Tuesday.  Digital currency will boost the digital economy, Sitharaman said

Supreme Court and Crypto Ban

The Supreme Court on March 4 set aside an April 6, 2018, circular of the Reserve Bank of India prohibiting banks and entities regulated by it from providing services in relation to virtual currencies (VCs). “Till date, RBI has not come out with a stand that any of the entities regulated by it namely, nationalised banks/scheduled commercial banks/cooperative banks/NBFCs, have suffered any loss or adverse effect directly or indirectly, on account of VC exchanges,” a Bench comprising Justices Rohinton Nariman, Aniruddha Bose, and V. Ramasubramanian observed in a 180-page judgment.

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