Finance Minister Nirmala Sitharaman’s announcement on Tuesday in the Union Budget regarding the introduction of the RBI’s Central Bank Digital Currency (CBDC) as India’s official digital rupee in 2022-23 is being viewed as a progressive step by leaders cutting across the industry lines.
The announcement comes after months of speculations around the introduction of a blockchain-based official digital currency of India and amid rumours that private cryptocurrencies will be deemed illegal.
The introduction of digital rupee by using blockchain technology is likely to boost the key emerging technology on blockchain such as NFTs, advertising experts say.
Rahul Vengalil, Managing Partner of Isobar, hopes that the acceptance of blockchain technology will increase the adoption of NFTs (non-fungible tokens) which is currently a rage among Indian celebrities and sports persons.
“The government’s decision to adopt blockchain and digital rupee means there is clarity on crypto currency. This further adds to the large-scale adoption of NFTs by brands,” Vengalil told e4m.
The NFTs are digital assets owned as code. They are supported by blockchain technology that also backbones the cryptocurrency to run. There are several NFT marketplaces such as Beyondlife.club, WazirX and Alwatsfirst.io where creators or businesses list their NFT projects for sale. NFTs are traded through cryptocurrencies.
Since late 2017, hundreds of millions of dollars have been spent on NFTs across the world.
In India, NFT’s use has exploded over the past year. Amitabh Bachchan, Virender Sehwag, Yuvraj Singh, Rohit Sharma are among those who have already entered the NFT marketplace to sell their NFTs. Millions of fans love to buy digital assets of celebs as prized possession which can be traded digitally.
“The list of NFT creators will grow exponentially in the coming days as several top brands are likely to…
