India to Launch RBI-Backed Digital Currency for Seamless Transactions

India plans to launch a digital currency backed by the Reserve Bank of India (RBI) to facilitate seamless transactions.
Piyush Goyal, Union Minister of Commerce and Industry, announced this initiative in Doha, Qatar.
The digital currency will utilize blockchain technology for faster, safer, and transparent transactions.
This system aims to curb illegal transactions, ensuring all digital transactions are verifiable.
Despite India's leading position in crypto adoption, the government remains cautious about unregulated cryptocurrencies.
Goyal highlighted that cryptocurrencies like Bitcoin lack sovereign backing or asset support.