The Reserve Bank of India (RBI) will very likely introduce its digital rupee, the Central Bank Digital Currency (CBDC), in this fiscal year itself. Talks of a digital rupee in the country have been swirling since Finance Minister Nirmala Sitharaman announced it during her Budget 2022 speech back in February. At the time, she had said that the digital rupee would be launched in 2022-2023.
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China’s digital RMB was the first digital currency to be issued by a major economy. As of July 2022, four central banks have launched a CBDC: the Central Bank of The Bahamas (Sand Dollar), the Eastern Caribbean Central Bank (DCash), the Central Bank of Nigeria (e-Naira) and the Bank of Jamaica (JamDex).
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