
What is RBI central bank digital currency and why is India launching it?
Indian finance minister Nirmala Sitharaman presented the Union Budget for the country on February 1, 2022. In her budget presentation, she announced the launch of a central bank digital currency (CBDC) by 2022–23 as a means to boost India’s economic growth.
If you can’t beat them, copy them. This partially elucidates why central banks in nine countries have introduced their own digital currencies. Recently, in the Union Budget for 2022-23, India draws itself closer towards adopting cryptocurrencies after years of wavering on its stance, as the country seeks to keep up with the global move towards the digital assets.
Besides announcing a flat 30 per cent tax on profits from all virtual currencies such as Bitcoin, Indian Finance Minister, Nirmala Sitharaman talked about the virtual d