India Unveils Digital Currency backed by RBI for Enhanced Transactions

India’s Minister of Commerce and Industry, Piyush Goyal, revealed on October 7th that the country is set to launch a digital currency supported by the Reserve Bank of India (RBI). This innovation utilizes blockchain technology to facilitate smoother and more secure transactions, mirroring stablecoins utilized in the United States. However, Goyal stressed the Indian government’s cautious approach toward cryptocurrencies like Bitcoin, which lack sovereign backing, while also acknowledging the potential risks associated with unregulated digital assets.