Finance Minister Nirmala Sitharaman said that the government is promoting digital transactions in all industries.
The emphasis of the government is to do rapid and continuous digitization of all sectors. That is why the government has announced the creation of digital currency, digital banks and digital universities in the budget.
India is making rapid strides towards launching a digital currency. Finance Minister Nirmala Sitharaman has also now told that India aims to introduce digital currency by 2023.
In response to a question asked in this regard in a program of FICCI, the Finance Minister said that the government and the Reserve Bank of India are engaged in exploring the possibilities of various commercial uses of digital currency.
The Finance Minister said that the intention of the government is not only to fulfill the objectives of financial inclusion with digital currency, but also to achieve various business goals. He said that the government is achieving the goals of financial inclusion through JAM Triveni (Jan Dhan-Aadhaar-Mobile).
Government’s emphasis on digitization
According to a report by Moneycontrol.comNirmala SitharamanSaid that the government is promoting digital transactions in all industries. The emphasis of the government is to do rapid and continuous digitization of all sectors. That’s why the governmentBudgetIt was announced to create Digital Currency,
Digital Banks and Digital University. Digital currency will promote a more affordable and efficient monetary system. That is why the government has decided to introduce digital currency, use blockchain and other technologies.
He said that the Rupee blockchain developed by the Reserve Bank of India will be able to track all transactions. Currently, not all transactions can be tracked in the system of mobile wallets being run by private companies.
Significantly, in the budget, the Finance Minister had announced the launch of its own digital currency by India. The Reserve Bank of India has been given the responsibility of bringing digital currency.
At the same time, India has not yet recognized the cryptocurrency. In the budget, the Finance Minister had announced the imposition of 30 percent tax and one percent TDS on the earnings from crypto.
Regarding crypto regulation, India says that it will not take any decision regarding cryptocurrency in a hurry. Only after the apprehensions about cryptocurrency are resolved, India will take a decision regarding its regulation.
