India Exploring Commercial Uses for Central Bank Digital Currency, Says Finance Minister – Regulation Bitcoin News - BitcoinEthereumNews.com
The Indian government is exploring “several commercial use purposes and not just financial inclusion” for its central bank digital currency. Indias finance minister clarified that the aim is for the digital rupee, which will be backed by the Reserve Bank of India (RBI), to be issued by 2023. Indias Finance Minister on RBI-Backed Digital Currency Indian Finance Minister Nirmala Sitharaman talked about the countrys central bank digital currency (CBDC), the digital rupee, this week at a business roundtable on “Investing in Indias Digital Revolution” in San Francisco. The event was organized by the Federation of Indian Chambers of Commerce & Industry (FICCI), a non-governmental trade association and advocacy group based in India. It was hosted by the U.S.-India Strategic Partnership Forum (USISPF). Reiterating that the government and the Reserve Bank of India (RBI) aim to introduce Indias central bank digital currency in 2023, the finance minister described: The government and RBI are looking into its several commercial use purposes and not just financial inclusion. She noted that financial inclusion “is largely achieved through the JAM trinity (Jan Dhan-Aadhaar-Mobile).” The minister of finance previously claimed: “The JAM trinity concept of the Narendra Modi government helped to reach the farthest person in the country.” Sitharaman emphasized that the Indian