India will soon launch its own digital currency supported by the Reserve Bank of India (RBI) for transparent transactions, said Piyush Goyal, Minister of Union, the Minister of Commerce and Industry, during a round table in Doha, Qatar.
“India has also announced that we were going out with a digital currency that will be supported by the guarantee of Reserve Bank of India as a normal currency,” said Goyal, according to local media.
He explained that the new system, by taking advantage of blockchain technology, will allow faster, safer and transparent transactions, establishing parallels with legalized stablecoins in the United States under the Geone law (guiding and establishing the national law on innovation for American stables).
This will help brake illegal transactions, as each digital transaction can be checked via the system, he said.
India, the great economy with the fastest growth in the world and is home to more than a billion people, output all other economies in the adoption of cryptography, according to Chainalysis. However, the Indian government led by Narendra Modi has been prudent and somewhat reluctant to officially adopt the crypto.
“We have not encouraged cryptocurrency, which has no sovereign support or which is not supported by assets,” said Goyal, noting the risks associated with unregulated digital assets.
He explained that cryptocurrencies issued in private, like Bitcoin, operate without any official value guarantee.
