February 2, 2022 – On Wednesday, Prime Minister Narendra Modi said that India’s blockchain-based digital currency would be the virtual form of the standard physical currency issued by the RBI.
Just like how the RBI controls the issuance of the currency, the bank will also regulate the digital currency.
Modi addressed fellow Bharatiya Janata Party colleagues, highlighting the key features of the Union Budget 2022-23.
He said we could exchange the currency for its physical counterpart if they carry the same value. He added that this digital currency would strengthen the digital economy.
“In today’s newspaper, there has been a lot of discussion about the central bank’s digital currency. This will strengthen the digital economy. This ‘digital rupee’ will be the virtual form of our standard physical currency and will be overseen by the RBI. It can be exchanged with physical currency.” the PM said.
“Digital payments will be regulated, much like standard currency is regulated by the Reserve Bank of India (RBI). Such payments are more secure, efficient, and safe, and goes a long way towards paving the way for a global digital payments’ infrastructure.” he added.
The PM said that post the pandemic, the world order is changing, and a new order in which many pre-Covid things will change.
“Post-pandemic, things are meant to change. India, too, is seeing itself in a new light. The world’s perspective of looking at India has also changed a lot these days. It is imperative for us to take the country forward at a rapid pace by strengthening our economy with the goal of achieving Aatmanirbharta (self-dependency),” the Prime Minister said about the changing times and how it is essential to move forward India’s vision of self-dependency.
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