New Delhi: Prime Minister Narendra Modi gave his self-reliant economic speech for BJP workers.
Highlight
- PM Modi said on Wednesday that the digital rupee can be converted into cash.
- Digital Rupee will be the digital form of our physical rupee and will be regulated by RBI.
- It was introduced by FM Nirmala Sitharaman during the budget presentation.
Prime Minister Narendra Modi on Wednesday said the digital rupee proposed in the Union Budget can be converted into cash and will open up new opportunities in the fintech sector. Addressing the ‘Atmanirbhar Arthavastha’ (self-reliant economy) seminar organized by the BJP, he said that the central bank digital currency or digital rupee will make online payments more secure and risk-free and give a boost to the digital economy in the years to come.
“Digital Rupee will be the digital form of our physical rupee and will be regulated by RBI. It will be a system that will enable exchange of physical currency with digital currency,” Modi said at the virtual seminar. of party workers in BJP ruled states and across the country.
“Central Bank Digital Currency (CBDC) will strengthen the digital economy… If someone pays in digital currency, you will be able to convert it into cash,” he said. Modi said the introduction of CBDC will make digital payments and online fund transfers more secure and risk-free.
“It will also facilitate the development of global digital payment systems,” he said. He said that Digital Rupee will revolutionize the FinTech sector by creating new opportunities and reduce the burden in cash handling, printing, logistics management.
Finance Minister Nirmala Sitharaman had announced that India will launch a ‘Digital Rupee’ using blockchain and other technologies in 2022-23.
Read also: India will have its own digital currency: What the FM said in his budget speech
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