Latest News | Introduction of Blockchain-based Digital Currency Welcome Move: Experts

Kolkata, Feb 1 (PTI) Union Finance Minister Nirmala Sitharaman's proposal to introduce digital rupee, using blockchain and other technologies, is a welcome move, experts said on Tuesday.

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In her budget speech, the FM said the introduction of Central Bank Digital Currency (CBDC) will give a big boost to the digital economy.

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FIS, head of banking in India, Harish Prasad said it will lead to a more efficient and cheaper currency management.

He also said this will trigger a "wave of preparatory activity among retail payment mechanisms using the digital rupee".

Sitharaman proposed to introduce digital rupee, using blockchain and other technologies, to be issued by the Reserve Bank of India starting 2022-23.

Indian Statistical Institute Professor Subhamoy Moitra said the introduction of blockchain-based CBDC is a welcome move.

"But it has to be seen whether it is within the control of the state which is desirable," he said, adding that if it is not within state control, then problems may arise.

Indian Bank MD&CEO Shanti Lal Jain also said the issuance of the digital rupee is a reform in the right direction. PTI dc

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)