India Launches RBI-Backed Digital Currency For Faster Blockchain Transactions

India is preparing to launch its national digital currency backed by the Reserve Bank of India (RBI) to enable seamless digital transactions, announced Union Minister of Commerce and Industry Piyush Goyal during a business roundtable in Doha, Qatar. "India has announced we'll introduce a digital currency backed by RBI guarantee similar to conventional currency," Goyal confirmed according to local media reports. The minister explained this blockchain-based system will facilitate faster, more secure and transparent transactions, comparing it to U.S. stablecoins regulated under the GENUIS Act. The digital currency will help combat illegal transactions since every transaction becomes verifiable through the system. Despite India leading global cryptocurrency adoption according to Chainalysis data, the Modi government maintains cautious stance toward unregulated crypto assets. "We don't encourage cryptocurrencies without sovereign backing or asset support," Goyal emphasized, highlighting risks associated with private digital assets like Bitcoin that operate without official value guarantees.