In the development of digital currencyIntensity: Nirmala Sitharaman

In the development of digital currency

Intensity: Nirmala Sitharaman

Digital currency

Will digital currency replace paper money in India

Finance Minister Nirmala Sitharaman said that the central government and the Reserve Bank are actively involved in promoting digital currency. He also informed that digital currency will help in cross-border payments.

The Reserve Bank introduced digital currency in the wholesale segment on a pilot basis in November 2022.

RBI selected nine banks to implement the scheme.

And in December of the same year,

Digital currency is also being introduced in the retail segment on a trial run.

However, Finance Minister Nirmala Sitharaman has said that she is confident that digital currency will help cross-border payments.

He further said that digital currency helps speed up payments at low cost and reduces the cost of sending and receiving money.

He said that the central government and the Reserve Bank are actively involved in promoting the currency due to its digital nature.

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