India will soon launch its own digital currency supported by the Reserve Bank of India (RBI) for trouble -free transactions, said Trade and Industry and Industry Piyush Goyal under a round table in Doha, Qatar.
“India has also announced that we are coming out with a digital currency that will be supported by the Reserve Bank of India guarantee as a normal currency,” Goyal said, according to local media reports.
He explained that the new system, which utilized blockchain technology, will enable faster, safer and transparent transactions, drawing parallels with stablecoin’s legalized in the United States according to the Genuis Act (indicative and establishing National Innovation for US StableCecoins Act).
It will help limit illegal transactions as any digital transaction can be verified through the system, he explained.
India, the world’s fastest growing large economy and home to over a billion people, surpassing any other crypto -uptake economy, according to chainalysis. Still, the Narendra Modi-led Indian government has been cautious and slightly reluctant to officially embrace crypto.
“We do not have encouraging cryptocurrency, which has no superb support or which is not supported by assets,” said Goyal, noticing the risks associated with unregulated digital assets.
He explained that privately issued cryptocurrencies, like Bitcoin, works without any official guarantee of value.
