File photo: Piyush Goyal, Minister of Trade | Photocredit: Ani
India will soon launch its own digital currency, supported by the Reserve Bank of India (RBI), said Minister of Trade and Industry Piyush Goyal in a round table during his visit to Doha, Qatar.
The move is intended to make financial transactions faster, safer and more transparent, while the use of paper in the economy is reduced. Goyal explained that the digital currency will function as a traditional money, but in an electronic form.
“India has also announced that we will come up with a digital currency, which is supported by the reserve Bank of India, such as normal currency,” he said.
The minister compares comparing with the “stable coins” introduced in the US under the Genius Act and stated that the new system will facilitate the transactions more easily and more efficiently.
He noted that the initiative will bring several benefits. “It will only make it easier to handle. It will also reduce paper consumption and will be faster to handle than the banking system,” said Goyal.
The system will use blockchain technology and ensure transparency and traceability. According to the minister, this will help with curbing illegal transactions, because any digital transaction can be verified through the system.
By tackling the issue of cryptocurrencies, Goyal clarified that although India has not forbidden them, the government does not encourage their use. “We have not encouraged cryptocurrency that has no sovereign support or that is not supported by assets,” he said, the emphasis on the risks related to non -regulated digital assets.
He explained that private -spoken cryptocurrencies, such as Bitcoin, operate without any official guarantee. “There is no backend that guarantees any value,” he said. “Suppose there is no copper tomorrow, there is no one to guarantee.”
Goyal also pointed out that the government has imposed severe taxes on such assets. “It is something you can do at your own risk and costs. The government does not encourage or discourages it. We only tax it,” he said.
The minister underlined that the digital currency of India will fundamentally differ from private cryptocurrencies because it will support the full support of the reserve Bank of India. This, he said, ensures safety and reliability for users, while maintaining the integrity of the financial system.
Published on October 7, 2025
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