India to Launch RBI-Backed Digital Currency
15
3
BTCCSquare news:
India is preparing to introduce a central bank digital currency (CBDC) under the Reserve Bank of India's oversight. Commerce Minister Piyush Goyal emphasized the currency's potential to enhance transaction speed, security, and transparency through blockchain infrastructure akin to U.S. stablecoins.
The initiative, dubbed 'MOVE,' signals a gradual shift away from physical cash while reducing reliance on paper currency. Authorities maintain a cautious stance toward unbacked cryptocurrencies, imposing heavy taxes to curb speculative activity. The digital rupee emerges as a government-sanctioned alternative for secure transactions.
By:
