India to Roll Out RBI-Backed Digital Currency for Faster Payments
India is preparing to launch a central bank-backed digital currency, designed to enable faster, safer, and more transparent transactions, Union Minister of Commerce and Industry Piyush Goyal said during a roundtable in Doha, Qatar.
“India will be introducing a digital currency backed by the Reserve Bank of India, with the same guarantee as regular currency,” Goyal noted, according to local media.
The initiative will leverage blockchain technology to ensure every transaction is verifiable, reducing the potential for illicit activity. Goyal compared the move to U.S. stablecoins regulated under the GENUIS Act, highlighting the benefits of sovereign-backed digital assets.
While India ranks among the world’s top markets for crypto adoption, the government has taken a cautious approach toward private cryptocurrencies. Goyal stressed that unregulated tokens, like bitcoin, operate without any official guarantee of value.
The RBI-backed digital currency represents a major step in India’s digital finance agenda, combining technological innovation with regulatory oversight to strengthen the country’s payment infrastructure.
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