Finance Minister Nirmala Sitharaman said, brainstorming with RBI on bringing digital currency

RBI Digital CurrencyThe churning is going on between the government and the central bank regarding the launch of digital currency of RBI. Finance Minister Nirmala Sitharaman has said that discussions are going on with the RBI regarding a central bank-backed digital currency (CBDC) and a decision will be taken only after consultation with the RBI.

In fact, on February 1, while presenting the budget, the Finance Minister had announced that a digital currency or Central Bank Digital Currency (CBDC) would be issued by the RBI in the coming financial year. In the budget, the Finance Minister has also announced a 30 percent tax on profits from cryptocurrencies from April 1.

On Monday, the Finance Minister said these things in response to questions after addressing the meeting of the RBI Board. He said that the RBI and the government are in mutual agreement on digital currency. He said that before the announcement of the budget, discussions were going on with the RBI regarding CBDC and they are still on.

RBI Governor Shaktikanta Das said that like many other issues, this particular issue is under discussion internally between the RBI and the government. RBI Governor has said earlier also that RBI does not want to be in any hurry to introduce digital currency and is carefully examining all aspects before introducing CBDC.

Releasing the Trend and Progress of Banking in India report, RBI said, “Given the dynamic impact of CBDCs, it is necessary to initially adopt and comprehensively test the basic model so that it has minimal impact on monetary policy and banking system.” The report said that India’s progress in payment systems will provide a useful backbone to provide a state-of-the-art CBDC to its citizens and financial institutions.

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