In the Union Budget 2022, presented a few weeks ago, Finance Minister Nirmala Sitharaman proposed to introduce a central bank digital currency (CBDC) in the coming financial year. The Reserve Bank of India will launch the CBDC that will be backed by blockchain technology. in the upcoming financial year.
What is a digital currency or CBDC?
CBDC or digital currency is a legal tender issued by a central bank in a digital form.
What is Blockchain?
Blockchain is a digitally distributed decentralised ledger system that holds information in a chain of blocks.
How will blockchain technology help in launching the digital rupee?
A blockchain-based digital currency will allow RBI to control it at the same time protecting the privacy of the CBDC holder. Privacy is retained on the user end, security features are advanced compared to normal payment systems, said Manoj Dalmia, Founder and Director, Proassetz Exchange
Blockchain is a shared, immutable ledger that facilitates the…
