As per reports, Central Bank Digital Currency is assumed to be introduced in the year 2022-23. It is also termed a digital rupee. It was introduced by the finance minister of India Nirmala Sitharaman while representing the Union budget for the same year. The digital currency in India will soon be rolling out and is a technology that is created from the blockchain.

It is said that Bitcoin and Ether fall in the category of decentralized cryptocurrency but the digital currency which will be regulated will have a different approach.

The Finance Minister also stated that currency deployment and management will soon become more effective and the digital currency will help in boosting the digital economy.

However, not much information could be collected in the one and half hour long speech but then it is clear for the speech of the Finance Minister that the CBDC will be used in a different way from that of other digital currencies or cryptocurrencies.

The industry stakeholders have embraced the move by the government and supported digital currency. Some of the major names include the CEO of CoinDCX, ZebPay, BuyUCoin, and CoinSwitchCuber. These stakeholders have responded positively by stating their viewpoints on the introduction of digital currency.

The CEO of ZebPay stated that it will help the Indian consumer to get friendly with the digital currency system that includes blockchain or  Cryptocurrency. The CEO of Coin Switch Kuber reportedly commented by saying that this move will improve digital payments as well as help in the growth of the economy.

The Digital currency issued by RBI will help in removing fraud and unlawful activities associated with the cryptocurrency exchange.