India slams ‘unbacked crypto’ amid RBI’s new digital currency plans

India doesn’t “encourage or discourage” crypto, it “only taxes it,” Minister Piyush Goyal said, while unveiling a new RBI-backed digital currency project.

The Indian government expressed renewed skepticism toward cryptocurrencies like Bitcoin as it prepared to launch new digital currency initiatives backed by the Reserve Bank of India (RBI).

India will soon launch an RBI-backed digital currency, India’s Commerce Minister Piyush Goyal said in a roundtable during his visit to Qatar, local news agency The Hindu reported on Tuesday.

In a separate development, the RBI plans to launch a pilot on deposit tokenization on Wednesday, RBI’s chief general manager of the fintech department, Suvendu Pati, reportedly said.

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