The proliferation of cryptocurrencies in the country made a dent in the forehead. The way the general public was attracted to this virtual currency was becoming more and more complicated for the government to catch up with the pace of the economy. The question was – ‘will the center ban it?’ In the midst of this turmoil, RBI Governor Shaktikant Das said the government was going to bring in digital currency.
Finance Minister Nirmala Sitharaman has announced to bring digital currency in the budget of 2022-23 fiscal year. The transaction information of this currency will be kept in the blockchain system under the Reserve Bank. In addition, the center is going to impose a 30 percent tax on the income from the sale or acquisition of virtual, digital assets.
In the relevant blockchain system, all the information of virtual currency transactions like bitcoin is kept. Which is stored in a specific database on the Internet. No one but the person involved in the transaction can know the information of this blockchain. Basically, the Reserve Bank is going to bring digital currency using this method.
The country’s top bank has already started the process of bringing this currency to the market. It is known that this digital currency will be equivalent to cash.
