According to Prime Minister Modi, the digital rupee will change fintech and create opportunities.

  • Feb. 3, 2022, 10:58 a.m.

Prime Minister Narendra Modi on Wednesday made a strong pitch for the digital currency to be launched by the RBI, saying that the digital rupee as proposed in the Union Budget could be exchanged for cash and would create new opportunities in the fintech sector. The PM said the digital rupee will revolutionise the fintech sector by creating new opportunities and lessening the burden of handling, printing, and logistics management of cash. "The Central Bank Digital Currency (CBDC) will be the digital form of our physical rupee and will be regulated by the RBI." This will be such a system that will enable the exchange of physical currency with digital currency. It will strengthen the digital economy... If anyone makes a payment in digital currency, you will be able to change it to cash, "he said

PM Modi's remarks at a virtual symposium on "Atmanirbhar Arthavyavastha (self-reliant economy)", which was attended by BJP chief J P Nadda and other senior party functionaries, chief ministers of BJP-governed states and elected members, marked a full-scale embrace of the digital currency that seemed to contrast with the cautious ambivalence the government had shown so far on the issue.

PM Modi was forthright as he mentioned digital currency's potential benefits. "CBDC will make digital payments and online transfers of funds more secure and risk-free. This will also lead to an ease in the development of global digital payment systems, "he said," his remarks providing the first peek into the government's posture on the sensitive issue of how to deal with digital currency, which has already become a medium of exchange.

Author : Rajdhani Delhi Representative

Rajdhani delhi representative

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