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Published on 1/02/2022 12:38:24 PM | Source: Reuters

India's Finance Minister says central bank to launch digital cryptocurrency

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MUMBAI  - India's finance minister on Tuesday said the central bank will introduce a digital currency in the next financial year using blockchain and other supporting technology.

"Introduction of a central bank digital currency will give a big boost to digital economy. Digital currency will also lead to a more efficient and cheaper currency management system," Nirmala Sitharaman said on Tuesday while presenting the federal budget.

India's central bank has voiced "serious concerns" around private cryptocurrencies on the grounds that these may cause financial instability.