Prime Minister Narendra Modi remarked on Wednesday that the virtual currency, which was suggested in the Union Budget, could be traded for money and would create new possibilities in the fintech industry.
Speaking at the BJP's 'Atmanirbha Arthavyavastha' (self-reliance economy) conference, he stated that the central bank's digital currencies, or virtual rupee, will make online payments extra safe and risk-free, and will enhance the digital economy in the coming years.
"The virtual currency will be the virtual counterpart of our actual rupee, governed by the RBI. This would be a mechanism that allows real cash to be exchanged for virtual money "Modi made the remarks during a virtual conference convened by chief ministers from BJP-ruled states and party activists from around the nation.
"The Central Bank Digital Currency (CBDC) will help to boost the virtual economy... If someone pays you in digital money, you will be able to convert it to cash" He stated.
Modi stated that the establishment of CBDC will make digital payments and online fund transfers more secure and risk-free. "This will also make the development of worldwide digital payment systems easier," he stated.
He claims that virtual currency would revolutionize the fintech industry by opening up new prospects and reducing the strain of currency processing, publishing, and logistics management.
Finance Minister Nirmala Sitharaman has stated that India will introduce a "digital rupee" in 2022-23, utilizing blockchain and other technologies
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