India to Introduce RBI-Backed Digital Currency For Faster Transactions

India is set to launch a central bank digital currency (CBDC) backed by the Reserve Bank of India, as announced by Union Minister Piyush Goyal. The MOVE aims to streamline transactions using blockchain technology, mirroring the regulatory approach seen with stablecoins under the U.S. GENUIS Act.

The digital rupee will operate with sovereign guarantees, distinguishing it from private cryptocurrencies like Bitcoin, which Goyal criticized for lacking asset-backed stability. This initiative aligns with India's cautious stance on unregulated crypto assets, despite leading global adoption metrics.

Transaction transparency and fraud prevention are key advantages, as every digital rupee movement will be verifiable on the blockchain. The rollout reflects India's strategy to modernize finance while maintaining tight control over monetary systems.