The Indian government directed the Reserve Bank of India to begin developing a central bank digital currency (CBDC) today (February 1), as part of a package of budgetary measures unveiled by finance minister Nirmala Sitharaman.

“Introduction of a central bank digital currency will give a big boost to the digital economy,” Sitharaman said in remarks to parliament. “Digital currency will also lead to a more efficient and cheaper currency management system.”

The government proposes that a