New Delhi: The Reserve Bank of India's digital currency is expected to be rolled out in the next financial year with the requisite legislative changes having been proposed in the finance bill, economic affairs secretary Ajay Seth said in an interview.
"Once the finance bill is approved, a legislative framework would be available for RBI to do so," he said, adding that a start will be made in FY23.
The government is in constant touch with RBI on the Centre's borrowing programme and was confident that this would be carried out in a non-disruptive manner, he said.
'CBDC to Open up Opportunities'
He was responding to a question on the borrowing plan and its possible impact on RBI's liquidity management.
Seth said that providing tax clarity on virtual currencies did not mean the government was legitimising them or that a ban was off the table. India is in discussions with multilateral institutions such as the International Monetary Fund and the Financial Stability Board on such coin and the issue is also likely to come up at the G20.
The proposed central bank digital currency will open up opportunities, creating an ecosystem for products and services. Seth said it was up to the RBI to decide whether to address the wholesale or retail market first.
"Once the finance bill is approved, a legislative framework would be available for RBI to do so," he said, adding that a start will be made in FY23.
The government is in constant touch with RBI on the Centre's borrowing programme and was confident that this would be carried out in a non-disruptive manner, he said.
'CBDC to Open up Opportunities'
He was responding to a question on the borrowing plan and its possible impact on RBI's liquidity management.
Seth said that providing tax clarity on virtual currencies did not mean the government was legitimising them or that a ban was off the table. India is in discussions with multilateral institutions such as the International Monetary Fund and the Financial Stability Board on such coin and the issue is also likely to come up at the G20.
The proposed central bank digital currency will open up opportunities, creating an ecosystem for products and services. Seth said it was up to the RBI to decide whether to address the wholesale or retail market first.
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