Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnSquareMore
India to Introduce Digital Currency, Discourages Unbacked Crypto

India to Introduce Digital Currency, Discourages Unbacked Crypto

TheCryptoUpdatesTheCryptoUpdates2025/10/07 13:33
By:Shivi Verma

India’s Commerce Minister Piyush Goyal just dropped some major news about the country’s crypto stance. The government plans to roll out a digital currency backed by the Reserve Bank of India while making it clear they don’t want people using cryptocurrencies without proper sovereign or asset backing.

Goyal explained that this new RBI-guaranteed digital currency will make transactions easier, faster than traditional banking, and cut down on paper usage. The big difference from regular crypto? Full traceability, meaning the government can track every transaction.

While India isn’t outright banning unbacked cryptocurrencies, they’re hitting them with extremely heavy taxes to discourage people from using them. Goyal said the government worries investors could get stuck holding worthless tokens with nobody accountable behind them.

His comments came during a business trip to Qatar where he’s negotiating trade deals. India hopes to finalize a free trade agreement with Qatar by mid-2026, building on similar partnerships with the UAE.

The irony here is pretty thick – India consistently ranks as one of the world’s top countries for crypto adoption despite the government’s skeptical stance. By taxing crypto heavily instead of banning it outright, they’re basically saying “we can’t stop you, but we’ll make it hurt.”

This announcement comes right as Bitcoin smashed through $125,000 and institutional adoption is exploding globally, showing the disconnect between India’s approach and worldwide trends.

Conclusion

India announced the RBI-backed digital currency launch while imposing heavy taxes on unbacked cryptocurrencies to discourage adoption despite leading global crypto usage rankings.

Also Read: Bitcoin Climbs

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

Ethereum News Today: Ethereum’s Fusaka Update: Scaling Goals Face Challenges From Validator Compromises

- Ethereum's Fusaka upgrade (Dec 3, 2025) introduces PeerDAS to enhance scalability by verifying rollup data without full dataset downloads. - BPO forks enable incremental blob capacity increases (e.g., 14 blobs/block by Jan 7, 2026), avoiding disruptive hard forks while supporting 100k+ TPS via L2 solutions. - L2 data fees may drop 40%-60% with PeerDAS, but validators face trade-offs between reduced storage demands and increased upload requirements as blob capacity grows. - Market reactions remain mixed:

Bitget-RWA2025/11/28 06:02
Ethereum News Today: Ethereum’s Fusaka Update: Scaling Goals Face Challenges From Validator Compromises

Bitcoin Updates: Challenges in Blockchain Infrastructure Drive Growth of Mixed Sustainability Approaches

- Blockchain networks show mixed fee revenue, with only 11 surpassing $100K weekly thresholds, highlighting structural inefficiencies and speculative challenges. - Lumint's hybrid staking model combines AI-driven tools with decentralized rewards to address PoW/PoS flaws, aiming for sustainability and reduced energy waste. - Bitcoin rebounded to $87,000 amid 2% market growth, but extreme fear persists (index at 20), with $380M in liquidations and mixed retail sentiment. - Hybrid solutions like Lumint priori

Bitget-RWA2025/11/28 06:02
Bitcoin Updates: Challenges in Blockchain Infrastructure Drive Growth of Mixed Sustainability Approaches

DASH drops 4.37% within 24 hours following Australian wage agreement

- DoorDash's stock fell 4.37% in 24 hours amid a 25% wage hike agreement for Australian delivery workers, including mandatory accident insurance. - The deal raises near-term cost concerns as operating margins stand at 5.5%, but reflects improved labor standards and regional commitment. - Institutional ownership rose to 90.64% with major investors increasing stakes, signaling long-term confidence despite recent volatility. - Analysts maintain a "Moderate Buy" rating ($275.62 target) as DoorDash shows strong

Bitget-RWA2025/11/28 05:56
DASH drops 4.37% within 24 hours following Australian wage agreement

Ethereum Updates Today: Privacy First: Buterin Backs Messaging’s Fundamental Transformation

- Vitalik Buterin donates 128 ETH ($390K) to Session and SimpleX to advance metadata privacy and permissionless design. - Platforms use decentralized infrastructure and cryptographic IDs to protect communication metadata, resisting censorship and AI surveillance risks. - Donation counters regulatory threats like EU's Chat Control while promoting privacy-focused innovation in encrypted communication. - Experts emphasize permissionless account creation as critical for digital freedom, despite trade-offs like

Bitget-RWA2025/11/28 05:47
Ethereum Updates Today: Privacy First: Buterin Backs Messaging’s Fundamental Transformation