India plans to introduce a Reserve Bank of India-backed digital currency for faster and transparent financial transactions, Commerce and Industry Minister Piyush Goyal said at a roundtable in Doha.
He explained that the new system will use blockchain technology to ensure secure and traceable transactions, similar to stablecoins backed by regulation in the U.S. under the GENUIS Act.
Goyal added that the move will help curb illegal transactions by allowing authorities to verify every digital payment.
India, a global leader in crypto adoption according to Chainalysis, has maintained a cautious stance toward private cryptocurrencies.
“We have not been encouraging cryptocurrencies that lack sovereign or asset backing,” Goyal said, noting that privately issued coins like Bitcoin have no official guarantee of value.
The RBI-backed digital currency marks a strategic step toward embracing blockchain technology under government regulation while maintaining financial stability and consumer protection.
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