Now India is bringing its own digital currency. Finance Minister Nirmala Sitharaman announced this in the budget on Tuesday. He informed about the introduction of digital currency by using blockchain technology. The name of this currency will be CBDC or Central Bank Digital Currency (Digital Currency). The Center was thinking about this for several years Last year, the government told Parliament that the RBI is looking into whether the central bank can introduce digital currency. This time, Nirmala announced to bring her own digital currency in the budget.
However, the finance minister did not give any clear message about the future of Bitcoin and other cryptocurrencies. He only said that government digital currency will be launched within the year 2022-23. However, informed sources believe that other digital currencies like Bitcoin will be banned after the government-controlled digital currency is introduced. This has spread panic in the cryptocurrency world.
What is cryptocurrency?
It is digital currency. Cryptocurrency cannot be touched, cannot be given in stores, can only be kept in online wallets. Not in physical mode, but as digital coins. Crypto is popular all over the world. But it is not covered by any banking services.
Where is the difference with India’s own digital currency?
Cryptocurrencies are not similar to cash, they are privately created assets, even though they are traded in various businesses today. Most countries do not recognize cryptocurrency. But central bank digital currency will be created under central bank. Which will get the Indian government’s own digital currency seal. ie approved by the government. In simple Bengali, from now on there will be two types of money. on a printed paper. The other is through digital. Both can do the same thing.
What is the future of crypto?
The Reserve Bank has at various times raised concerns about money laundering, terrorist financing, tax evasion through multiple cryptocurrencies including Bitcoin. So the government wants to bring its own digital currency. From this, the government’s intentions regarding other cryptos are clear. By using blockchain technology, all the information of this digital currency will also be stored. As a result, there should be no error.
Common people can make all kinds of online payments using this digital currency. It is estimated that the currency of the central banks of the country is going to occupy a lot of the international market in the coming days.