India is set to launch a new digital currency backed by the Reserve Bank of India (RBI). Commerce Minister Piyush Goyal said the RBI-backed currency will make transactions faster, safer, and more transparent, using blockchain technology similar to U.S. stablecoins. The move aims to replace traditional cash gradually while cutting paper use. India remains cautious about cryptocurrencies not backed by the government and heavily taxes them to discourage risky use. This digital rupee promises a secure way to transact with official backing.
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