India Eyes RBI Digital Currency to Boost Transaction Speed: Report

India Set to Launch RBI-Backed Digital Currency for Faster, Safer Payments

India plans to introduce a central bank-backed digital currency to streamline transactions, Union Commerce and Industry Minister Piyush Goyal announced during a roundtable in Doha, Qatar.

“India will soon launch a digital currency guaranteed by the Reserve Bank of India, similar to traditional money,” Goyal said, according to local reports.

Leveraging blockchain technology, the new currency aims to enable faster, more secure, and fully transparent transactions, while reducing the risk of illegal activity. Goyal compared it to U.S. stablecoins regulated under the GENUIS Act, noting the advantages of sovereign-backed digital assets.

Despite India’s high global crypto adoption, the government has maintained a cautious stance toward private cryptocurrencies. Goyal emphasized that assets without official backing, like bitcoin, carry inherent risks because they are not guaranteed by a sovereign authority.

The rollout of the RBI-backed digital currency marks a major step in modernizing India’s payment system while ensuring regulatory oversight and consumer protection.