<p>A day after the Union Budget proposed to launch India's own digital rupee, Prime Minister Narendra Modi on Wednesday listed the virtues of such a currency that will be fully backed by the Reserve Bank of India and hence it will be legal tender.</p>.<p>He said the central bank digital currency or the digital rupee will make online payments more secure and risk-free and boost the digital economy in the years to come.</p>.<p>Speaking on the broad contours of the Budget, which he said could not be fully read out in such a short slot allocated in Parliament, he said the digital rupee will create new opportunities and lessen the burden in handling, printing, logistics management of cash.</p>.<p><strong>Read | <a href="https://www.deccanherald.com/business/union-budget/experts-see-digital-rupee-as-a-big-boon-to-india-1077490.html" target="_blank">Experts see digital rupee as a big boon to India</a></strong></p>.<p>Modi said it will also revolutionise the fintech sector.</p>.<p>"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 an exchange of physical currency with digital currency," Modi said at the virtual meeting of party workers and chief ministers of BJP-ruled states.</p>.<p>The RBI is expected to launch the digital currency from the financial year 2022-23. According to the Union Budget, it will be backed by blockchain technology.</p>.<p>The Prime Minister said the Central Bank Digital Currency (CBDC) will strengthen the digital economy. If anyone makes a payment in digital currency, he or she will be able to change it to cash.</p>.<p>It will make online payments and transfers risk-free and more secure.</p>.<p><strong>Watch latest videos by DH here:</strong></p>
<p>A day after the Union Budget proposed to launch India's own digital rupee, Prime Minister Narendra Modi on Wednesday listed the virtues of such a currency that will be fully backed by the Reserve Bank of India and hence it will be legal tender.</p>.<p>He said the central bank digital currency or the digital rupee will make online payments more secure and risk-free and boost the digital economy in the years to come.</p>.<p>Speaking on the broad contours of the Budget, which he said could not be fully read out in such a short slot allocated in Parliament, he said the digital rupee will create new opportunities and lessen the burden in handling, printing, logistics management of cash.</p>.<p><strong>Read | <a href="https://www.deccanherald.com/business/union-budget/experts-see-digital-rupee-as-a-big-boon-to-india-1077490.html" target="_blank">Experts see digital rupee as a big boon to India</a></strong></p>.<p>Modi said it will also revolutionise the fintech sector.</p>.<p>"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 an exchange of physical currency with digital currency," Modi said at the virtual meeting of party workers and chief ministers of BJP-ruled states.</p>.<p>The RBI is expected to launch the digital currency from the financial year 2022-23. According to the Union Budget, it will be backed by blockchain technology.</p>.<p>The Prime Minister said the Central Bank Digital Currency (CBDC) will strengthen the digital economy. If anyone makes a payment in digital currency, he or she will be able to change it to cash.</p>.<p>It will make online payments and transfers risk-free and more secure.</p>.<p><strong>Watch latest videos by DH here:</strong></p>
