Finance Minister Nirmala Sitharaman stated that India plans to implement the planned central bank digital currency (CBDC) in 2023, with the government and RBI intending to utilize it for purposes other than financial inclusion. "The government and the RBI are looking into its many commercial use objectives, not only financial inclusion, which is mostly delivered through the JAM trinity," the minister said at a Ficci and USISPF event in California.

Sitharaman Announced the E-Currency Introduction in her Budget

Sitharaman announced the CBDC's introduction in her Budget address two months ago, and the RBI is preparing pilots for both the wholesale and retail components, which will be carried out in the coming months.

The FM, on the other hand, stated that the government will take a cautious approach to private cryptocurrencies owing to worries about their misuse. "It will have to take its time...for all of us to be comfortable that we are making the best judgment we can with the knowledge we have.

It is not something that can be hurried "She said this at Stanford University, expressing her worries about the potential use of these instruments for money laundering or terrorist funding.

India's Stance on the Russia-Ukraine Conflict is to Protect its Economic Intrest

Sitharaman also warned that sanctions might have unintended implications in an interconnected world and that India is attempting to work through them.

She stated that India's stance on the Russia-Ukraine conflict is to protect its economic and security interests. "As a result, India's posture serves not just its economy but also its security interests. Because of India's geopolitical situation, India has struck a balance in every move in this context."