India to Roll Out RBI-Linked Digital Currency Amid Dismissal of Crypto With ’No Backing’

India will introduce a digital currency backed by the Reserve Bank of India, Union Minister Piyush Goyal announced in Doha. The MOVE aims to simplify transactions, reduce paper use, and enable faster payments while discouraging private cryptocurrencies lacking sovereign backing.

Goyal clarified India hasn't banned unbacked cryptos but imposes heavy taxes to deter usage. "We don't want anybody stuck with a cryptocurrency that has no backing," he said. The stance may favor regulated tokens but risks stifling private crypto innovation amid bureaucratic hurdles.

India leads global crypto activity alongside Pakistan and Vietnam, per Chainalysis data. The RBI-guaranteed digital currency could reshape domestic payments but leaves open questions about private crypto's future in one of the world's most active markets.