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By Mukund Rao, Co-Founder, Muvin

The FM's support for digital banking initiatives continues to gain momentum. The proposal to open 75 Digital Banking Units across 75 districts, the interlinking of Post Office Accounts to Banks and the continued focus on digital payments will enable every Indian to benefit from digital banking. The recognition of digital virtual assets is a boost for the crypto industry. While the tax treatment of crypto might be a short term impediment, the hope is that the government will bring this on par with other assets in the years to come once the laws and regulations around crypto are standardized. To this extent, the proposal for RBI to issue Digital Rupee is a step forward.

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