India Plans RBI-Backed Digital Currency to Speed Up Payments
India is set to introduce a digital currency backed by the Reserve Bank of India (RBI), aimed at enabling faster, safer, and fully verifiable transactions, Union Commerce and Industry Minister Piyush Goyal said during a roundtable in Doha, Qatar.
“India will roll out a digital currency guaranteed by the Reserve Bank of India, just like regular cash,” Goyal said, according to local media reports.
The new system will use blockchain technology to ensure transparency and traceability, helping curb illegal transactions. Goyal drew parallels with U.S. stablecoins regulated under the GENUIS Act, highlighting the benefits of sovereign-backed digital assets.
Although India ranks high in global crypto adoption, the government has remained cautious regarding privately issued cryptocurrencies. Goyal emphasized that cryptocurrencies without sovereign backing, such as bitcoin, carry inherent risks due to the lack of official guarantees.
The RBI-backed digital currency is a key step in India’s efforts to modernize its payment infrastructure while maintaining regulatory oversight over digital financial assets.
