Digital Rupee will be Introduced by RBI using Blockchain Technology:
Minister for Finance & Corporate Affairs, Smt Nirmala Sitharaman while presenting the Union Budget 2022-23 in the parliament, announced the introduction of the Digital Rupee which is to be issued by the Reserve Bank of India starting from 2022-23. The Digital Rupee will use Blockchain technology for a safe and secure digital system.
The finance minister stated that the introduction of Central Bank Digital Currency (CBDC) will help the digital economy in a comprehensive way. Moreover, it will bring down the cost of currency management and ultimately led to an efficient system.
What is Blockchain Technology?
It is a type database, but not a typical one. The key difference between a blockchain and a typical database is that the blockchain stores data in a block manner. These blocks got different storage limits and when filled they got closed, got linked to previously filled blocks forming a chain of blocks called a blockchain.
SPECIAL NOTES FOR ASPIRANTS:
- China is the 1st major economy to launch Central Bank Digital Currency
- RBI was established in 1935 by RBI Act,1934.
- RBI was nationalized on 1 January 1949.
- RBI Governor: Shaktikanta Das
- RBI Logo: A tiger standing in front of a palm tree
- T. V. Somanathan current finance secretary.
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