As China trials the digital yuan, India also announced to launch an official virtual currency of their own.

In her annual budget speech, India’s finance minister – Nirmala Sitharaman said the country will launch a digital version of the rupee as early as this year and outlined plans for a 30% tax on income from digital assets.

"Introduction of a central bank digital currency will give a boost, a big boost to (the) digital economy," Ms Sitharaman said on Tuesday. "Digital currency will also lead to a more efficient and cheaper currency management system," she added.