Budget 2022: Can digital currency change the face of banking? 

It is necessary to know how the digital currency based on Blockchain technology can change the Indian economy. And let’s see why digital banking and digital payments are the big announcements to boost the digital economy. Apart from this, FM has announced that the Reserve Bank of India will launch the country’s digital currency in the financial year 2022-23. The name of the digital currency will be ‘Digital Rupee’.

cryptocurrency
digital currency

Along with this, Central Bank Digital Currency (CBDC) is also starting regarding digital currency. For a long time, the government were discussing whether or not to recognize cryptocurrencies like bitcoin. The government also said that the government could announce the regulation of cryptocurrencies. But, putting an end to all these discussions, for the time being, the government has announced the launch of its digital currency. In the financial year 2022-23, the Reserve Bank of India will launch the digital rupee, a blockchain-based currency.

The government has not banned any cryptocurrency like bitcoin, Ethereum. But it has declared the imposition of tax on transactions in cryptocurrencies. Many crypto platforms and crypto wallets in the country were constantly demanding from the government to buy and trade cryptocurrencies. There is a positive environment in the country regarding digital banking.

For You: What is a digital currency, and how does it work? Check all the important information related to blockchain.

Digital banking, digital payments and fintech startups have seen rapid growth in the country in recent years. The benefits of this reach every section of the society, the government has ensured in this budget. The government is continuously promoting digital banking.

More than 20 million people have invested in cryptocurrencies so far:

Till now, there is a lot of uncertainty in India regarding cryptocurrencies. It was not decided what its future would be here. Despite this, young investors are attracted to it in large numbers. The situation has become a little clearer in the Budget for 2022-23. Investing in crypto and NFTs will be expensive after the announcement of taxation.

According to an estimate, by December last year, more than 20 million people had invested in cryptocurrencies in the country. Now that the cloud of uncertainty over the crypto market has cleared, it looks more likely to grow. In fact, over the past few years, there have been reports of investors making huge profits in cryptocurrencies.

According to a survey, rich youth in America are also more like investing in this sector. 5880 Cryptocurrencies based on blockchain technology see great potential in the future. Based on this, fundamental changes can take place in the economic world in the coming times.

Elon Musk investment in cryptocurrency

Billionaire and SpaceX founder, Elon Musk is heavily invested in cryptocurrencies. Crypto has gained worldwide attention since Musk’s investment was reported. After the clarified situation in the budget, it is now likely that cryptocurrency has become the first choice of youth in India too. 

On June 9 last year, the Central American country of El Salvador became the first country to legalize the most popular cryptocurrency, bitcoin. Along with the US dollar, the official currency of El Salvador, bitcoin is now accepted there. People transact in bitcoin in everyday life. Many large US companies are also accepting payments in other cryptocurrencies, including bitcoin.

Payment will be digital : Digital Currency

The budget has assured that the financial support for digital payment systems announced in the last budget will continue in 2022-23 as well. This will encourage people to adopt more digital payments.

In the budget, attention will also be given to promoting the use of the platform for payment. We know that digital payment platforms are easy to use.

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