India Joins Nigeria, China to Launch Digital Currency as it Considers Crypto Adoption

India Joins Nigeria, China to Launch Digital Currency as it Considers Crypto Adoption

  • India said it will soon launch its own version of the country's digital currency, the eRupee soon as it considers adopting cryptocurrency
  • The country's minister of Finance and Corporate Affairs, Nirmala Sutharaman said the new currency will be introduced in the 2022-2023 fiscal year
  • India will join Nigeria and China in launching a digital version of their currencies as Japan is said to be building a blockchain to launch its own e-currency

India is close to adopting cryptocurrency after several years of vacillating on its position as it seeks to meet up with the global move towards digital assets.

The country’s central bank will launch a digital version of its currency, the rupee in the next fiscal year, according to a statement by the country’s minister on Tuesday, February 1, 2022.

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India set to launch digital currency
India set to launch digital currency
Source: UGC

What India said

Nirmala Sitharaman, India Minister of Finance and Corporate Affairs said the introduction of digital currency will accelerate India’s digital economy and lead to a cheaper and more currency management system.

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The country’s central bank, the Reserve Bank of India will introduce the eRupee in the 2022-2023 financial year beginning on April 1.

The Finance Minister have no further details on how the eRupee would work or what it would seem like, but she said it would be introduced using blockchain and other technologies.

What the blockchain do

Blockchain is the technology that was initially created with bitcoin but the meaning has since evolved as its uses have moved beyond cryptos.

India will be one of the world’s largest markets to initiate the central bank digital currency if it pulls through with its plans.

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China and Nigeria have been working on digital versions of their respective currencies. Japan is also said to be mulling the creation of its own digital currency.

On Tuesday, January 1, 2022, Sitharaman said income from the transfer of virtual digital assets should be taxed at the rate of 30 per cent.

Tanzania to Copy Central Bank of Nigeria Model on eNaira

Legit.ng reported that Tanzania's central bank is working to follow Nigeria in introducing its own digital money similar to eNaira.

eNaira which was launched in October has generated interest from many countries around the world, and Tanzania has revealed plans to study eNaira successes and failures as a guide.

According to Bloomberg reports, Tanzania's decision was stern from the fear of missing out on the digital currency adoption globally which includes cryptocurrency.

Source: Legit.ng

Authors:
Pascal Oparada avatar

Pascal Oparada (Business editor) Pascal Oparada is a Mass Communications Graduate from Yaba College of Technology with over 10 years of experience in journalism. He has worked in reputable media organizations such as Daily Independent, TheNiche newspaper, and the Nigerian Xpress. He is a 2018 PwC Media Excellence Award winner. Email:pascal.oparada@corp.legit.ng

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