India will be having its own digital currency.  The name of the digital currency would be digital rupee.  The Reserve Bank of India will be issuing the digital currency beginning 2022 to 2023.

Finance Minister Nirmala Sitharaman reportedly stated that the country is expected to grow at 9.27 per cent in the forth coming year.

The Finance Minister expressed that the Union Budget 2022-23 will be concentrating on the four pillars of development — inclusive development, productivity enhancement, energy transition and climate action, thus providing a blueprint of the economy from India at 75 to India at 100.

“Govt. Of India will Launch it’s own Digital Currency on blockchain in the upcoming year 2022-23. 30% TAX Will be deducted on withdrawing crypto Earnings. (Proposed) 1 % TDS on Loading money.”

So, it just looks like India has accepted digital currency as the future. More details are awaited.

Community Reaction: “The introduction of a Central bank digital currency will give a boost to the digital economy, leading to a cheaper currency management system. Blockchain & other technologies will be used by RBI to issue the same from 2022.”

Digital currency will result in a more efficient and cost-effective currency management system. As a result, it is suggested that the RBI produce digital rupees utilizing blockchain and other technology beginning in 2022 and 2023.

This is centralized digital currency.  Thus, the demand for decentralized cryptocurrency will be more.  People will still want to do away with taxes and they will want to exclusively transact online using other digital currencies. Bitcoin, Ethereum and decentralized tokens will thus be here to stay.

Decentralized with trump centralized.

Soon corporations will plug in to decentralized stuff like Bitcoin Ethereum Cardano and more.  Corporations will transact in the circular economy using decentralized cryptocurrency.

The coming of centralized digital currencies is only going to empower decentralized crypto.  Before people would withdraw paying 30% taxes, they would choose to transact exclusively using decentralized cryptocurrencies.

In the competition between centralized and decentralized cryptocurrencies – the decentralized crypto will win.

Antigua and Barbuda, Grenada, Saint Kitts and Nevis, Saint Lucia, Dominica, and Montserrat. The island nations, which jointly operate the Eastern Caribbean Central Bank, have all adopted the bank’s DCash digital currency.

The difference between “centralized” and “decentralized” is going to show up very soon.  The power of decentralization is going to face its acid test with increasing numbers of nations beginning to adopt their versions of centralized Digital currency.

Will decentralized cryptocurrencies win over sovereign digital currencies? Reality is beginning to unfold.