India’s RBI-Backed Digital Currency Launch Imminent, Announces Union Minister

Breaking: India joins the central bank digital currency race with official confirmation from Union Minister.

The Digital Rupee Revolution

India's financial landscape braces for transformation as the Reserve Bank-backed digital currency gets the green light. No more waiting—the framework's ready, the technology's tested, and the government's pushing full steam ahead.

Central Bank Meets Blockchain

Traditional banking systems just got their biggest upgrade since digital payments. The RBI's digital currency promises faster settlements, reduced transaction costs, and sovereign-backed stability—everything crypto enthusiasts wish private coins could deliver.

Global CBDC Race Heats Up

While other nations debate, India executes. This move positions the rupee for 21st-century relevance while giving blockchain technology the institutional credibility it desperately needs.

Because apparently, the only thing better than decentralized money is government-controlled decentralized money—the ultimate financial oxymoron that might just work.

India’s caution on cryptocurrency

Goyal further noted that while private cryptocurrencies are not formally banned, they are heavily taxed to discourage speculation and protect consumers. 

“As far as cryptocurrency not backed by the Central government is concerned, there is no ban, but it is taxed very heavily,” he said. “We don’t encourage it because we don’t want anybody to be stuck at some point with a cryptocurrency that has no backing and nobody at the backend.”

He emphasized that the RBI-backed digital rupee WOULD offer a safer and more reliable digital payment option for users.

Currently, gains from crypto transactions are taxed at 30%, with minimal deductions allowed, and a 1% TDS applies on transfers above a set threshold. This reflects the Indian government’s cautious approach toward digital assets that lack sovereign backing.

Beyond digital finance, Goyal’s visit to Doha also focused on boosting India’s trade relations. He said a Free Trade Agreement (FTA) with Qatar could be finalized by the middle or latter part of next year.

Also Read: India’s Finance Minister Urges Nations to Prepare for Stablecoins