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2025-01-23 Update From: SLTechnology News&Howtos shulou NAV: SLTechnology News&Howtos > IT Information >
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Shulou(Shulou.com)11/24 Report--
CTOnews.com, October 7 (Xinhua)-- India's central bank released a document on Friday saying it would soon start launching a limited pilot project of digital rupees backed by the central bank for specific use cases.
According to reports, the Reserve Bank of India has been exploring the advantages and disadvantages of the central bank's digital currency and is currently committed to implementing the strategy in stages.
The Reserve Bank of India added that the use case of the e-rupee was being examined in a manner that caused minimal or no damage to the financial system.
CTOnews.com has reported that in February this year, the Indian government said it would soon launch digital rupees using blockchain technology with the country's central bank.
India will launch a central bank digital currency (CBDC) in 2023, which will be issued by the Reserve Bank of India (RBI), according to Nirmala Sitharaman, India's finance minister. She believes that the digital rupee will "greatly boost" the development of India's digital economy, leading to a more efficient and low-cost monetary management system.
To further support India's booming digital economy, Sitharaman also announced a series of measures.
First, India plans to set up 75 digital banking departments across the country. These institutions will be managed by commercial banks in 75 regions "to ensure that digital banks reach every corner of India in a consumer-friendly manner".
In addition, India plans to integrate 150000 post offices into the country's core banking system to promote financial inclusion through online banking and digital payment financial support.
It is worth mentioning that she also proposed a 30 per cent tax on property derived from the transfer of virtual assets, hoping to use the high tax rate to effectively eliminate uncertainty about the legal status of cryptocurrency transactions.
"I propose that income from the transfer of virtual digital assets be taxed at a tax rate of 30 per cent," she told parliament at the time. In calculating such income, no expenses or subsidies shall be deducted, except for the cost of purchase. "
It is said that India, which is heavily dependent on cash, wants to use cryptocurrency to improve transaction efficiency, and the upcoming digital rupee will help achieve cheaper and more efficient currency management.
So far, India does not have any laws governing cryptocurrency transactions, but that has not stopped Indians from generating demand for digital assets.
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