India to Launch RBI-Backed Digital Currency for Faster, Safer Payments
India is preparing to roll out a central bank-backed digital currency aimed at enabling faster, secure, and transparent transactions, Union Minister Piyush Goyal said during a roundtable in Doha, Qatar.
“India will introduce a digital currency backed by the Reserve Bank of India, functioning like regular money,” Goyal told local media.
The new system will leverage blockchain technology to ensure each transaction is verifiable, reducing fraud and illegal transfers. Goyal drew parallels with U.S. stablecoins regulated under the GENUIS Act, emphasizing the benefits of sovereign-backed digital assets.
While India ranks among the top nations globally for crypto adoption, the government has taken a cautious approach toward private cryptocurrencies. “We have not encouraged cryptocurrencies without sovereign backing,” Goyal said, noting that assets like bitcoin lack official guarantees.
The RBI-backed digital currency is expected to strengthen India’s payment infrastructure, combining speed, transparency, and regulatory oversight for both retail and institutional users.
