Nirmala Sitharaman, the Finance Minister of India, publicly announced that India will be launching a central bank digital currency (CBDC) of its own by the beginning of the next financial year. This is a huge shock to multiple financial institutions seeing the current circumstances of the Indian economy, not a very intelligent move.
The central bank digital currency by the RBI is said to be similar to cash, with the public being able to use it without any limitations associated with traditional currency.