Budget 2022: Digital Rupee to be introduced by RBI, says FM Sitharaman
- Feb 1, 2022
- 1 min read
“Digital Rupee can have many use case scenarios in real world such as programmable payments for subsidies and by financial institutions for faster lending and payments. We could see a shift to cashless economy in a near future but for the time being, physical cash will continue to exist as it is necessary for the unorganized sector. This can give impetus to government’s stress on cashless payments and positively change the banking scenario. As the usage of the Digital Rupee increases, it could also benefit in things like cross-border remittances, an environment could be created for interoperability whereby faster real-time remittance occurs. Overall the cost of transactions would reduce for the government and businesses," said Rajat Prakash, Managing Partner, Athena Legal
Just saw the bit about digital rupee cutting transaction costs for govts. Honestly, if this tech actually works smoothly, it's a game changer for cross-border remittances, way better than traditional methods. remove gemini watermark