— SSK

Will the cryptocurrency be banned again due to the introduction of digital rupee?

Burst with Arrow
Plus

— SSK

In the budget speech on February 1, 2022, Finance Minister Nirmala Sitharaman had announced the introduction of Digital Rupee.

Plus
Burst with Arrow

— SSK

Nirmala Sitharaman had told that it will be launched by the Central Bank Digital Currency i.e. CBDC.

Plus
Burst with Arrow

— SSK

Launching will also happen in the current financial year i.e. 2022-23. However, RBI has already been opposed to digital currencies.

Plus
Burst with Arrow

— SSK

For this reason, RBI had also imposed restrictions on cryptocurrency. But in October 2021, RBI had proposed to bring government digital currency before the government.

Plus
Burst with Arrow

— SSK

Now a question remains whether the cryptocurrency will continue to exist after the introduction of the digital rupee? According to RBI, Digital Rupee will be a legal tender currency.

Plus
Burst with Arrow

— SSK

This currency will be similar to fiat currency. Fiat currency means government backed currency such as banknotes. Blockchain technology will be used in this currency like cryptocurrency.

Plus
Burst with Arrow