India to introduce RBI-backed digital currency: Piyush Goyal

admin — Tue, 07 Oct 2025 07:04:00 +0000

Union Minister of Commerce and Industry Piyush Goyal, Ambassador of India to Qatar Vipul and others during the launch of India’s UPI at Lulu Hypermarket, in Doha, Qatar on October 7, 2025. Photo: X/@PiyushGoyal via PTI

India will soon launch its own digital currency backed by the Reserve Bank of India (RBI), Union Minister of Commerce and Industry Piyush Goyal said in a roundtable during his visit to Doha, Qatar.

The move aims to make financial transactions faster, safer, and more transparent, while reducing paper use in the economy.

Mr. Goyal explained that the digital currency will function like traditional money, but in an electronic form. “India has also announced that we’ll be coming out with a digital currency which will be backed by the Reserve Bank of India guarantee like normal currency,” he said.

Comparing it to the “stable coins” introduced in the United States under the GENIUS Act, the Minister stated that the new system will facilitate transactions more easily and efficiently.

He noted that the initiative will bring multiple benefits. “It will only make it easier to transact. It will also reduce the paper consumption and will be faster to transact than the banking system,” Mr. Goyal said.

The system will use blockchain technology, ensuring transparency and traceability. According to the Minister, this will help in curbing illegal transactions, as every digital transaction can be verified through the system.

Addressing the issue of cryptocurrencies, Mr. Goyal clarified that while India has not banned them, the government does not encourage their use. “We have not been encouraging cryptocurrency, which does not have sovereign backing or which is not backed by assets,” he said, stressing the risks associated with unregulated digital assets.

He explained that privately issued cryptocurrencies, like Bitcoin, operate without any official guarantee. “There’s no backend guaranteeing any value,” he said.

“Suppose tomorrow there’s no buyer, there’s nobody to guarantee.” Mr. Goyal also pointed out that the government has imposed heavy taxes on such assets. “It’s a thing you can do at your own risk and cost. The government doesn’t encourage or discourage. We only tax it,” he stated.

The Minister underlined that India’s digital currency will be fundamentally different from private cryptocurrencies because it will carry the full backing of the Reserve Bank of India. This, he said, ensures security and reliability for users while maintaining the integrity of the financial system.

Published – October 07, 2025 12:34 pm IST

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India, Qatar Elevate Ties To ‘Strategic Partnership’ As Emir Meets PM Modi

admin — Tue, 18 Feb 2025 12:47:47 +0000

New Delhi:

Qatar and India have agreed today to elevate their ties to a strategic partnership and an agreement in this regard was exchanged between the two nations. The decision was announced after a meeting between Prime Minister Narendra Modi and the Emir of Qatar Sheikh Tamim Bin Hamad Al-Thani in New Delhi.

The two leaders held wide-ranging bilateral talks at the Hyderabad House in New Delhi. The focus of the meeting was on enhancing trade, investment, technology, energy, food security, culture, and people-to-people ties. The two sides discussed the potential of a free trade agreement and also planned on doubling their trade to $28 billion within five years.

The Ministry of External Affairs said that energy security was also discussed during the meeting with a focus on how to broaden it. Another key area of cooperation that figured in the talks was finance, with both sides agreeing to avoid double taxation and prevention of fiscal evasion with respect to taxes on income. An agreement in this regard was exchanged between the two sides.

Besides bilateral talks, the two leaders also discussed regional and global issues of mutual interest, the foreign ministry added.

“India-Qatar, further cementing the deep & traditional relationship. PM @narendramodi & HH Sheikh @TamimbinHamad Al-Thani, Amir of the State of Qatar held wide-ranging talks at Hyderabad House today. Both leaders decided to elevate India-Qatar relations to a Strategic Partnership with focus on trade, energy, investments, innovation, technology, food security, culture & people-to-people ties. They also exchanged views on regional and global issues of mutual interest,” MEA spokesperson Randhir Jaiswal said in a post on X.

The Emir of Qatar had arrived in New Delhi for his two-day visit on Monday evening. Breaking protocol and extending a rare gesture of hospitality, Prime Minister Modi received the Emir at the airport, welcoming him with a warm handshake and a hug.

The Emir’s visit to India came almost a year after PM Modi visited the Gulf nation in February 2024. He is being accompanied by a high-level delegation, including ministers, senior officials and business leaders.

Before his meeting with PM Modi, the Emir of Qatar was accorded a ceremonial guard of honour at the Rashtrapati Bhavan as President Droupadi Murmu welcomed the visiting leader.

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India to introduce RBI-backed digital currency: Piyush Goyal

India, Qatar Elevate Ties To ‘Strategic Partnership’ As Emir Meets PM Modi