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🚨 BREAKING: 🇮🇳 India Govt does not encourage cryptocurrencies without sovereign or asset backing. India will introduce an RBI-backed digital currency, similar to US stablecoins, to replace normal currency. – Commerce Minister Piyush Goyal

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🇮🇳 India won’t support regular cryptocurrencies unless they are backed by real assets. Only government-backed digital money will be allowed. – Commerce Minister Piyush Goyal

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🚨 𝗜𝗡𝗗𝗜𝗔 𝗣𝗟𝗔𝗡𝗦 𝗥𝗕𝗜-𝗕𝗔𝗖𝗞𝗘𝗗 𝗗𝗜𝗚𝗜𝗧𝗔𝗟 𝗖𝗨𝗥𝗥𝗘𝗡𝗖𝗬 🇮🇳 Union Minister Piyush Goyal confirmed INDIA will launch a digital currency backed by the RBI, ensuring sovereign backing and full traceability. 𝙒𝙝𝙮 𝙄𝙩 𝙈𝙖𝙩𝙩𝙚𝙧𝙨 ⚡ • RBI-backed → sovereign guarantee, full trust • Faster, paperless, and traceable transactions • Modernizes India’s payment infrastructure • Bridges gap between banks & blockchain 𝙏𝙝𝙚 𝘾𝙖𝙩𝙘𝙝 ⚖️ • India still discourages private cryptos • Non-sovereign tokens face heavy taxation • “We don’t want people stuck with crypto that has no backing,” said Goyal 𝙄𝙣 𝙎𝙝𝙤𝙧𝙩 👇 INDIA is opening doors to digital innovation, but on its own terms. A traceable, RBI-backed digital rupee could redefine payments... while private CRYPTO remains on a tight leash.

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#WATCH | Doha, Qatar: Union Minister Piyush Goyal says, "...We have not been encouraging cryptocurrency, which does not have sovereign backing or which is not backed by assets, say it on the federal bank or local currency. India has also announced that we will be coming out with a digital currency, which will be backed by a Reserve Bank of India guarantee-like currency...Our idea is that this will only make it easier to transact. It will also reduce paper consumption and will be faster to transact than the banking system. But it will also have traceability...As far as cryptocurrency, which is not backed by the Central Govt, while there is no ban as such, we are taxing it very heavily. 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..."

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