Budget 2022: Digital rupee to be issued by RBI in 2022-23 - All you need to Know

Budget 2022: Finance Minister Nirmala Sitharaman on Tuesday said that the Reserve Bank of India (RBI) will issue Digital rupee in the upcoming year 2022-23. The finance minister said the central bank would issue a digital rupee using blockchain and other technology. The RBI will implement it around 2022-23.

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"Digital rupee to be issued using blockchain and other technologies; to be issued by RBI starting 2022-23. This will give a big boost to the economy": FM Nirmala Sitharaman 

"#DigitalRupee is a historical decision by govt led by visionary PM  @narendramodi Ji. This will give a boost to the economy. Digital currency will lead to a more robust, efficient, trusted, payments option. It will reduce dependency on cash, and increase seigniorage to the nation," Madhya Pradesh Chief Minister Shivraj Singh Chouhan.

Industry expert - Faisal Kawoosa, founder analyst at TechArc said: "I think its a good and proactive move by the government. Digital currency is inevitable and without the government recognizing it, it will never become a legitimate currency.  So digital rupees coming from the government itself will help consumers leverage the digital format of the rupee as well as keep frauds and scams at bay."

Also, Digital banking, payments & fin-tech innovations have grown at a rapid pace in recent years.  To mark 75 years of Independence, 75 Digital banking units will be set up in 75 districts of the country by scheduled commercial banks: FM 

Kisan Drones for crop assessment, land records and spraying of insecticides would be promoted, Finance Minister Nirmala Sitharaman said on Tuesday. "Use of Kisan Drones for crop assessments, land records, spraying of insecticides, are expected to drive a wave of technology in the Agriculture and farming sector," the Finance Minister said as she read out Budget 2022-23 provisions.

DPRS, the detailed project reports, for other five similar river interlinking projects are too being readied. The government will also provide a comprehensive package for participation of state governments & MSMEs to be introduced for the farmers to adopt to natural farming, she said.