Budget 2022: Digital Rupee using blockchain to be issued by RBI

New Delhi : In a much-awaited announcement, Finance Minister Nirmala Sitharaman announced that the Reserve Bank of India will be launching its own digital rupee in the coming fiscal year 2022-23.

"The introduction of central bank digital currency will give a big boost to the digital economy. Digital currency will also be a more cheaper and efficient currency management system," Nirmala Sitharaman said during the Budget 2022-23 presentation on Tuesday.

"It is therefore proposed to introduce digital rupee - using blockchain and other technologies - to be issued by the Reserve Bank of India, starting 2022-23," she said.

Nirmala Sitharaman also noted that any earning via digital assets will be taxed at 30%,

"I propose to provide that any income from transfer of any virtual digital asset shall be taxed at the rate of 30%. No deduction in respect of any expenditure or allowance shall be allowed while computing such income, except cost of acquisition," she said.

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