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India’s digital rupee will be supported by government-backed e-wallets

A top government source informed the Press Trust of India that the Reserve Bank of India’s (RBI) digital rupee will run on a government-mandated electronic wallet that will allow the central bank to act as a middleman between merchants and customers.

The country’s central bank digital currency (CBDC) is expected to begin early next year, according to a government official.
The digital currency would be assigned a unit number, much as any fiat currency.

In her recent budget speech, Finance Minister Nirmala Sitharaman declared that India will establish its own CBDC and levy a 30% tax on all bitcoin income.

Unlike the current system of private company-provided mobile wallets, digital currencies created on the blockchain. That’s, such as the projected digital rupee, will allow governments to track all transactions.

The currency will be stored in state-backed wallets on smartphones in the case of a digital rupee.

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