(Bloomberg) -- India plans to launch a central bank digital currency in the financial year starting in April, Finance Minister Nirmala Sitharaman said in her budget speech.

The digital rupee will help to usher in cheaper, more efficient currency management, Sitharaman said Tuesday. The Reserve Bank of India has been working on a phased implementation strategy for its digital currency, which could reduce dependency on cash.

India’s move comes after China already began CBDC trials in several cities, while the U.S. Federal Reserve and Bank of England are looking into possibilities for their economies.

©2022 Bloomberg L.P.