India To Launch Digital Currency For Faster And Safer Transactions: Piyush Goyal
As of Now, India is taxing crypto currency heavily, he said at Doha where he co-chaired the India-Qatar Joint Commission on Economic and Commercial Cooperation.
The country will come up with a digital currency, which is backed by the Reserve Bank of India. The digital currency will provide faster transaction in the banking system and traceability through block chain. It will reduce paper consumption and easier to transact, Minister of Commerce and Industry Piyush Goyal said. Cryptos are not backed by central-bank-issued currencies, he said as reported by ANI.
RBI has already launched digital currency through a pilot program in two phases. In the first phase, Central Bank Digital Currency was launched at the wholesale level on Nov 1, 2022. In the second phase, digital currency was introduced on Dec 1, 2022.
As per latest information, value of CBDCs in circulation has rose to Rs 1,016 crore at the end of March 2025, as reported by PTI citing RBI.
India does not encourage the use of crypto currencies because it has no sovereign backing, he said.
As of Now, India is taxing crypto heavily, he said at Doha where he co-chaired the India-Qatar Joint Commission on Economic and Commercial Cooperation. The intent is to make sure no one is stuck with a crypto currency at some point.
India has 30% tax on income from crypto currency trading.
However, India has no ban on crypto currencies. People can trade at their own risk, but the government is unlikely to support them in case of risk. Cryptos require a high amount of investment, and there is no guarantee or backing for the asset, he said.
Goyal is on an official visit to Qatar and has initiated conversation for the free trade agreement between Qatar and India. He expects to finalise the terms of reference for the Comprehensive Economic Partnership shortly. With this aim, Goyal met his counterpart, Sheikh Faisal bin Hani bin Faisal Al Thani.
