crypto: CBDC coming this year; revenue possibility in VDAs: FM

Synopsis

On the regulation of the private cryptos and other virtual digital assets (VDAs), Sitharaman said that consultations are on and invited the industry players to contribute to it.

Sitharaman sees ‘clear advantages’ of a central bank-driven digital currency.New Delhi: The government of India is expecting its central bank digital currency (CBDC) to be rolled out this year, the Finance Minister Nirmala Sitharaman said.

In the union budget 2022, tabled on February 1, Sitharaman had announced that India will launch its own CBDC, backed by the Reserve Bank of India.

While speaking at the India Global Forum 2022 in Bengaluru, Sitharaman said, “The government had a lot of consultation with the RBI over the digital currency. We expect the currency to come out from the apex banker this year itself.”
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On private cryptos

On the regulation of the private cryptos and other virtual digital assets (VDAs), Sitharaman said that consultations are on and invited the industry players to contribute to it.

“After the consultations are over, the ministry will take necessary steps,” she added. “Currently, we are neither regulating it nor banning it but after consultation, we will be talking about it.”

Commenting on the prospects of cryptos in India, Sitharaman said, “Many Indians have seen a lot of future in crypto and therefore, I see a possibility for revenue in it.” The FM lauded the industry’s move to welcome taxes on private cryptos.

More on CBDC

Sitharaman sees ‘clear advantages’ of a central bank-driven digital currency, which can enable bulk payments between institutions, large transactions between central banks of various countries.

The FM added that RBI would design the CBDC on its own. While explaining the key note of the budget, Prime Minister Narendra Modi had said that CBDC will boost the digital economy and will be as good as fiat currency of the nation.

According to RBI deputy governor T Rabi Sankar, the central bank has been working on CBDC for a couple of years. RBI would soon conduct pilot projects and proof of concept.

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Updated: 03/08/2022 — 15:00