RBI to issue Central Bank Digital Currency in FY23: FM Sitharaman in Budget

Finance minister Nirmala Sitharaman announced that the RBI will roll out the Central Bank Digital Currency (CBDC) in FY23.She said that the CBDC will be based on blockchain technology. “Digital rupee to be issued using Blockchain and other technologies by the RBI starting 2022-23. This will give a big boost to the economy,” said Sitharaman in her Union Budget 2022-23 speech in Parliament. The CBDC will be a digital version of fiat money that will co-exist will hard cash. The move on CBDC comes at a time when there has been a huge shift seen towards private virtual currencies called cryptocurrencies.