Digital Rupee can be exchanged for cash; wiill open new fintech opportunities: PM

New Delhi, Feb 3 (KNN) Prime Minister Narendra Modi has said the digital rupee, proposed in the union budget, could be exchanged for cash and will open new opportunities in the fintech sector.

Addressing the 'Atmanirbhar Arthavyavastha' (self-reliant economy) symposium organized by the BJP, he said the central bank digital currency or the digital rupee will make online payments more secure and risk free and boost digital economy in the years to come.

"The digital rupee will be the digital form of our physical rupee and will be regulated by the RBI. This will be such a system that will enable exchange of physical currency with digital currency," Prime Minister said at the virtual symposium that was attended by chief ministers of BJP.

"Central Bank Digital Currency (CBDC) will strengthen the digital economy if anyone makes a payment in digital currency, you will be able to change it to cash," he said.

The Prime Minister said the launch of CBDC will make digital payments and online transfer of funds more secure and risk free.

"This will also lead to ease in development of global digital payment systems," he added.

He said the digital rupee will revolutionize the fintech sector by creating new opportunities and lessen the burden in handling, printing, and logistics management of cash.

Finance Minister Nirmala Sitharaman had announced that India will launch a 'digital rupee' in 2022-23 using blockchain and other technologies. (KNN Bureau)