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Union Budget 2022
Digital Rupee Based On Blockchain Announced
Union Budget 2022 has officially confirmed that it will launch India's own cryptocurrency, which is likely to be called a "Digital Rupee" by the Reserve Bank of India (RBI).
It is confirmed that the digital rupee will be based on the same blockchain technology, identical to some of the prominent cryptocurrencies like Bitcoin and Etherium.
Cryptocurrency is a completely digital currency. The value of a cryptocurrency goes up if the number of buyers goes up, and the value depreciates if the number of sellers is more than buyers.
We expect a single digital rupee to cost around Re 1 at the time of launch.
If it gets traction, the price of the digital rupee is expected to go up in the coming days.
As of now, it is unclear how this digital rupee will work and how it will be issued to users across the country.