India Intensifies Digital Rupee Push, Favoring State-Backed Currency

To reduce reliance on private cryptocurrencies and streamline transactions, India is prioritizing its central bank digital currency (CBDC) rollout. Piyush Goyal, the Union Minister for Commerce and Industry, highlighted the benefits of increased traceability and faster payments associated with the digital rupee during a recent event in Doha. He also emphasized the government’s stance against private cryptocurrencies, citing heavy taxation as a deterrent to widespread adoption.