- PM said Digital Rupee will be the digital form of our physical rupee
- It will be regulated by RBI
- It will enable the exchange of physical currency with digital currency
Digital Rupee will be the digital form of our physical rupee
Prime Minister Narendra Modi on Wednesday said that the digital rupee proposed in the Union Budget can be converted into cash and will open up new opportunities in the fintech sector. Addressing the ‘Atmanirbhar Economy’ seminar organized by BJP, he said that the Reserve Bank’s digital currency or Digital Rupee will make online payments more secure and risk-free. This will give a boost to the digital economy in the coming year. Chief Ministers of BJP ruled states and party workers from across the country also participated in this seminar.
In the virtual seminar, Prime Minister Modi said that the digital rupee will be the digital form of our physical rupee and it will be regulated by the RBI. It will be a system that will enable the exchange of physical currency with digital currency.
It will be regulated by RBI
The Prime Minister said that the Central Bank Digital Currency (CBDC) will strengthen the digital economy. If someone pays in digital currency, then you will be able to convert it into cash.
The Prime Minister said that digital payments and online transfers of funds will become more secure and risk-free after the launch of CBDC. He said that this will also facilitate the development of a global digital payment system.
He said that Digital Rupee will revolutionize the FinTech sector by creating new opportunities and reducing the burden of logistics management, printing, and handling of cash. In the Union Budget presented on Tuesday, Finance Minister Nirmala Sitharaman had announced that India will launch a ‘Digital Rupee’ using blockchain and other technologies in 2022-23.
Enable the exchange of physical currency with digital currency
Apart from this, the government has also announced a battery swapping policy. This exercise will promote the use of electric vehicles. In her budget speech in the Lok Sabha, Nirmala Sitharaman said that in view of the space constraints in setting up charging stations for electric vehicles in urban areas, a battery swapping policy will be introduced and interoperability standards will be formulated.
He said that the private sector would be encouraged to establish a sustainable business model for battery or energy services.
This will improve the EV (Electric Vehicle) ecosystem. He said that the use of public transport would be encouraged in urban areas. All this will be possible through clean technology, a zero fossil fuel policy, and electric vehicles.