India to see digitization through digital currency soon

The official digital currency of our country is likely to launch in early 2023, government officials said.
after the ban of some private cryptocurrencies in India at the end of the year, the crypto market fell rapidly drowning the investors but after the government’s announcement about India’s digital currency launch investors and digital trading companies have been left in the middle of the wave.
They claim that it works similarly to the electronic wallet currently operated by private companies. However, a senior government official said that this would be facilitated by government guarantees.

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In the union budget, Finance Minister Nirmala Sitharaman announced that the central bank-backed ‘digital rupee’ would be launched soon.
They said the digital currency will be issued by the RBI, can be counted in units, and each fiat currency will have a unique number just as it has a unique name.
Government sources said it was no different from the paper currency currently in circulation. Digital currency can be considered as a digital form of the current common currency. Sources said it would be a government-guaranteed electronic wallet.
Sources said the RBI has indicated that the digital rupee will be ready by the end of next fiscal. The digital rupee blockchain being developed by the Reserve Bank allows private companies to track all transactions unlike the current system of the mobile wallet.

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