Nirmala Sitharaman, Minister of Finance and Corporate Affairs of India said India is planning to launch the proposed central bank digital currency (CBDC) in 2023. The government and Reserve Bank of India are planning to CBDC beyond financial inclusion. Sitharaman made a statement during an event organized by FICCI and USISPF, “The government and the Reserve Bank of India are looking into its various commercial use purposes and not just financial inclusion, which is majorly achieved through the JAM trinity.”
The finance minister had earlier announced the launch of the central bank digital currency in her speech two months ago. The Reserve Bank of India is preparing pilots for wholesale as well as retain components, which are expected to be rolled out in the next few months.
Sitharaman also shared her views on cryptocurrencies, “The government will take a nuanced approach on private cryptocurrencies due to concerns over its misuse.”
