Will money become digital?

• Digital currencies have grown in popularity in recent years as cryptocurrencies such as Bitcoin have reached the mainstream and captivated the imagination of millions of people.
• This surge has also gotten the attention of the world's central banks, who are concerned that their growth may undermine domestic currencies.

• The government of India stated this week that a state-backed digital currency will be launched next year. The 'digital rupee' will be built using blockchain technology and will be operational by the end of March 2023. The Reserve Bank of India will back it up.
• Nirmala Sitharaman, India's finance minister, said the digital currency would provide the digital economy a 'huge boost' and lead to a more efficient and cost-effective currency management system.

Read More: What are digital dollars?