India’s central bank to launch digital cryptocurrency

India’s central bank will launch a digital currency in the next financial year using blockchain and other supporting technology, according to Nirmala Sitharaman, India’s finance minister.

Sitharaman thinks that introducing a central bank digital currency “will give a big boost to digital economy”, and will also lead to a “more efficient and cheaper currency management system.”

India’s central bank has raised concerns around private cryptocurrencies on the grounds that they may cause financial instability.

Sitharaman warned, however, against
offsetting other income against losses from sale of digital assets.

Industry estimates suggest there are 15 million to 20 million crypto investors in India, with total crypto holdings of around 400 billion rupees ($5.37 billion).

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