India’s own sovereign-backed CBDC was first announced by Union Finance Minister Nirmala Sitharaman in the 2022 Union Budget
CBDC is a digital or virtual currency but differs from private cryptocurrency in that it is backed and issued by a sovereign state
The Reserve Bank of India (RBI) is planning to introduce its Central Bank Digital Currency (CBDC) this fiscal year in a phased manner, initially for use only by wholesale businesses, and is designing it in a way that leaves no room for anonymity by its users, sources said.
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First Published: Mon, August 22 2022. 00:14 IST