RBI-Backed Digital Currency to Be Launched in India, Union Minister Piyush Goyal Says

The country will launch an RBI-backed digital currency to discourage unbacked cryptocurrencies. Union Minister Piyush Goyal said heavy taxation will deter risky tokens, while the new digital rupee enables faster, traceable payments. Experts see the move as a shift from a “tax-and-tolerate” approach to stricter oversight, favouring compliance-aligned ventures. Pilots in retail and wholesale segments give the country an early lead in central bank digital currency adoption.