new Delhi: Union Finance Minister Nirmala Sitharaman on Tuesday said the government sees clear benefits in the central bank-run digital currency.
The Finance Minister, who was speaking at the annual summit of the India Global Forum in Bengaluru, said the ‘digital rupee’ is a conscious call taken in consultation with the Reserve Bank of India (RBI).
According to a PTI report, Sitharaman said, “It was a conscious call taken in consultation with the central bank; RBI….we want them to design it the way they want to do it, but this year we expect the currency to come out of the central bank itself.”
“We see clear benefits in a central bank-operated digital currency, because in this day and age, there are bulk payments happening between countries, large transactions between institutions and large transactions between the central banks of each country—all with digital currency. Better able with,” she said.
When asked about regulating the crypto sector, Sitharaman said that the government is not ready to regulate or restrict it; The government will talk about this. “Consultations are ongoing….Anyone interested in this domain is welcome to participate, after the consultation process has been duly completed, the Ministry will probably sit down and consider it, which is necessary as we have to The executive is required to ensure that we are not exceeding any legal requirement, after which we will come out with our position on this,” she said.
When asked about the future of crypto in India, the minister replied, “Many Indians see a lot of future in it, and so I see revenue potential in it.”
speaking on Budget 2022-23, Sitharaman said that the reference of ‘Amrit Kaal’ in the Union Budget is for greater digitisation, greater technology.
“Communicating technology in the country in every aspect of our business is going to be a challenge, because we are also labour-rich, in the sense that there are intensively skilled, semi-skilled, partially skilled, hi-tech skilled youth in abundance. So how are we going to make these two sit side by side without hurting each other, that is where this budget is important,” she said.
Pointing to the announcement of 75 digital banking units in this budget, Sitharaman said that India needs them as the country is at a stage where banking and financial inclusion is not that much despite moving through a nationalized banking network for 75 years. Has happened. as we wanted them.
Highlighting the way an economy like India addresses its demand side issues, the Finance Minister has to look at even the lowest strata of our population, which has many disadvantages, the need to ensure that they do not go hungry. No, they are not uncertain about the food requirements for their family, and meet their emergency expenses like health.
“The demand side is being addressed in ways in which it directly impacts the daily livelihood of the individual…..” the minister said.