'Traditional money in electronic form': What Piyush Goyal said about RBI's digital currency
&imwidth=600&imheight=450&format=webp&quality=medium "'Traditional money in electronic form': What Piyush Goyal said about RBI's digital currency")
Piyush Goyal confirmed the digital currency with "stablecoins" in the United States. Photograph: (ANI file)
Digital Currency 2025: He said digital transactions will be tracked through the system, improving transparency. The system will use blockchain technology.
Union Minister of Commerce and Industry Piyush Goyal said in a roundtable during his visit to Doha that India will soon launch its digital currency, which will be backed by the Reserve Bank of India (RBI). The move will make transactions faster and more transparent, and will reduce reliance on paper currency in the economy.
"India has also announced that we'll be coming out with a digital currency which will be backed by the Reserve Bank of India guarantee, like normal currency," he said.
What Piyush Goyal said about digital currency
Piyush Goyal confirmed the digital currency with "stablecoins" in the United States.
Listing the benefits of the digital currency, he said, "It will only make it easier to transact. It will also reduce the paper consumption and will be faster to transact than the banking system".
He said digital transactions will be tracked through the system, improving transparency. The system will use the blockchain technology.
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He said the government hasn't been encouraging the use of cryptocurrency because assets do not back them.
"We have not been encouraging cryptocurrency, which does not have sovereign backing or which is not backed by assets," he said.
He explained that privately issued cryptocurrencies, like Bitcoin, operate without any official guarantee. "There's no backend guaranteeing any value," he said.
He said those who invest in cryptocurrencies do it at their own risk and cost, and the government doesn't encourage or discourage it.
Digital currency, however, will be backed by the RBI. It will be paper money converted into digital money. He said it will maintain the integrity of the financial system.