India's virtual currency will be the digital currency

New Delhi (UNI): Amid the growing trend of virtual currencies around the world, India today also announced the launch of its virtual currency. Presenting the Union Budget in Parliament today, Finance Minister Nirmala Sita Raman announced that the Reserve Bank of India will launch the 'Digital Currency' in the next financial year. The Central Bank Digital Currency (CBDC) will promote the digital economy on a large scale. The Finance Minister said that a more efficient and cheaper currency management system would be seen through digital currency. The digital currency will use blockchain and other technologies. Sita Raman said that in recent years, the country has witnessed rapid growth in digital banking, digital payments and fantastic innovations. The government is promoting these sectors on a regular basis to ensure that the benefits of digital banking reach every part of the country in a user-friendly manner. To this end, in celebration of the 75th anniversary of its independence, it is proposed that 75 Digital Banking Units (DBUSs) be set up by scheduled commercial banks in 75 districts of the country.

He said that in 2022, 1.5 lakh post offices will be brought under 100% core banking system, which will enable financial inclusion and accounts through online transfer between net banking, mobile banking, ATM and post office accounts and bank accounts. Facility will also be provided.

This will be helpful for farmers and senior citizens especially in rural areas and will also enable mutual cooperation and financial inclusion. -23 will continue. This will encourage further adoption of digital payments. He said that it would also focus on promoting the use of payment platforms which are economical and user friendly.

Ms. Sitharman also suggested various other measures to promote investment and credit availability in the country. The finance minister proposed adding data centers and energy storage systems, including dense charging infrastructure and grid-scale battery systems, to an integrated list of infrastructure that would facilitate access to credit for digital infrastructure and clean energy storage. The Finance Minister proposed setting up of an expert committee to expedite venture capital and private equity investments and recommend appropriate measures. He added that Venture Capital and Private Equity, with an investment of over Rs 5.5 lakh crore last year, facilitated one of the largest startup and development ecosystems. He said that a comprehensive review of regulatory and other constraints was needed to promote this investment. Provided, which had a great impact. He said that to encourage key sunrise sectors like Climate Action, Deep Tech, Digital Economy, Pharma and Agritech, the government would promote a thematic fund for mixed finance in which the government's share would be limited to 20% and the fund would be private. The funds will be managed by the managers. The Finance Minister said that steps would be taken to promote the financial viability of projects including PPPs with technical and scientific cooperation from multi-level agencies to finance infrastructure needs. ۔ He also said that financial management would be enhanced through global best practices, modern funding [?] [?] And balanced risk allocation. He said that a significant level of private investment would be needed to accelerate public investment.