US EditionIndia to Introduce RBI-Backed Digital Currency For Faster Transactions: Report
India’s RBI-backed digital currency aims to improve transaction speed, security, and transparency while discouraging unregulated cryptocurrencies, officials said.
- On Monday, Union Minister Piyush Goyal announced in Doha that India will introduce an RBI-backed digital currency, saying `India has also announced that we'll be coming out with a digital currency which will be backed by the Reserve Bank of India guarantee like normal currency.`
- Goyal said the Indian government does not encourage private cryptocurrencies and imposes heavy taxes to prevent use of unbacked tokens.
- The digital rupee will function like traditional money in electronic form, using blockchain technology for faster transactions, traceability, and reduced paper use.
- Raj Kapoor said an RBI-backed CBDC signals stricter oversight favoring regulated, asset-backed tokens and supports a secure digital payments ecosystem for urban and rural payment users.
- In a global context, industry observers recently warned regulatory uncertainty has prompted the relocation of 80 top crypto talents from India, despite high adoption and efforts aligned with the U.S. GENIUS Act.
19 Articles
19 Articles
India to launch digital currency, says Piyush Goyal; discourages cryptocurrency "not backed by assets"
Union Minister Piyush Goyal stated that India does not encourage cryptocurrencies lacking sovereign or asset backing, such as those not supported by the Reserve Bank of India (RBI) or local currency.
India’s RBI Digital E-Rupee: A Leap Forward Or A Challenge For Crypto?
India is preparing to launch its official digital currency, the e-Rupee, a move that has drawn attention from around the globe. This central bank-backed token is designed to make payments faster, reduce the reliance on cash, and provide a secure alternative to unregulated cryptocurrencies. While the e-Rupee promises financial inclusion and modernization, it also raises questions about the future of private digital assets and the potential stifli…
AMBCrypto
Crypto News Wire - Latest Crypto News And AnalysisIndia ‘discourages unbacked crypto,’ doubles down on digital rupee
From UPI innovations to eRupi, India’s digital economy provides strong foundations for widespread blockchain and crypto adoption.
Coverage Details
Bias Distribution
- 50% of the sources lean Right
Factuality
To view factuality data please Upgrade to Premium
