You might be aware of the ongoing buzz in the digital world. No matter how much you refresh your social media feed, there is always one post dedicated to cryptocurrencies. Plus, this year’s budget is significant to this field. India’s Finance minister, Nirmala Sitharaman, shared two vital points in the budget. First, the nation has plans to tax the income generated from the crypto world. The second is the introduction of digital currencies.
Now, we understand you might find it contradictory. On one side, it might look like India is trying to demotivate the crypto investors. But at the same time, motivating citizens for the digital rupee. Though the reason for introducing both these technologies is the same, there’s a difference.
Today, we are going to discuss why the Reserve Bank of India is introducing a digital rupee. But also ask Indian citizens to be cautious of cryptocurrencies.
Before that, if you are looking to learn about other topics, you can check our blog’s main page. We have covered digital marketing, IT, Startups to Blockchain. And if you want us to cover some other topics you like, then share your views in the comments section. Also, Dm us on social media networks. We are on LinkedIn, Instagram, Twitter, and Facebook. And finally, we are on YouTube, where we share our insights, information, and updates on markets.
And if you have any queries on digital marketing tools and how to use them to increase your business sales, then fill out the form below. Our team of experts will be happy to guide you. Start your journey with Exr consultancy Pvt ltd today.
So, without wasting time, let’s start with the topic of the hour.
In the fiscal year 22-23, the Finance minister shared the news on introducing the digital rupee. There was an exponential rise in digital transactions after 2016’s demonetization. This is coupled with a sustained interest in cash used for small value transactions. With this move, the government aims to popularise digital currency.
On that note, this move will also cut the cost of printing, transporting, storage, and distribution of the currencies. Additionally, the government also realized its efficiency in high cash-based economies. Plus, it will act as a substitute for private crypto and virtual currencies.
The Indian government and the reserve bank understood the rising popularity of the crypto trade. Budget 2022 had two crucial points regarding virtual currencies.
The Indian government intends to introduce a digital currency called Digital Rupee. It is a central bank digital currency that will be introduced in this financial year. We have covered this topic. To know more, click on the highlighted word and jump to the section below.
This move has created a series of questions in the minds of Indian citizens like:
and the most important question,
Don't forget to share this post