The Indian digital currency will be based on a state wallet

The Indian digital currency will be based on a state wallet

The government official said the nation’s central bank (CBDC) digital currency is likely to launch early next year. The digital currency would be numbered in units, just as each fiat currency has a unique number.



Finance Minister Nirmala Sitharaman announced in her recent budget speech that India will launch its own CBDC by imposing a 30% tax on all cryptocurrency income. Digital currencies issued on the blockchain, such as the expected digital rupee, will allow governments to track all transactions, unlike the current system of mobile wallets offered by private companies. In the case of a digital rupee, the currency will be stored in state-supported wallets on the devices.