The Indian government has expressed new doubts about cryptocurrencies like Bitcoin as it prepares to launch a new digital currency program supported by the Reserve Bank of India (RBI).
According to local news agency The Hindu, Indian Commerce Minister Piyush Goyal stated during a roundtable meeting in Qatar that India will soon launch a digital currency backed by the RBI.
In another development, it was reported that Suvendu Pati, Chief General Manager of the RBI's fintech department, indicated that the RBI plans to launch a deposit tokenization pilot on Wednesday.
According to Reuters, the RBI is expected to use the wholesale segment of the Central Bank Digital Currency (CBDC) as the foundational layer for its deposit tokenization pilot, collaborating with several domestic banks.
Commerce Minister Goyal stated that the upcoming digital currency in India will be supported by the RBI and aims to simplify transactions, achieving faster and more transparent transactions than traditional banks.
The minister reportedly opposed the RBI-supported stablecoin project, claiming that the new system would "facilitate transactions more easily and efficiently."
"This will only make transactions easier. It will also reduce paper consumption, and the transaction speed will be faster than the banking system," the minister said, adding that the plan will be supported by blockchain technology to ensure transparency and help curb illegal transactions.
While announcing the RBI's new digital currency project, Goyal expressed doubts about cryptocurrencies like Bitcoin (BTC), claiming that such assets "have no backend guarantee of any value."
"We have never encouraged cryptocurrencies that lack sovereign support or asset backing," the minister reportedly said. He emphasized that India has not banned cryptocurrency trading and added:
According to Coinbase data, Bitcoin, the largest cryptocurrency by market capitalization, reached a new high of over $126,000 on Monday, coinciding with Goyal's remarks.
The RBI has long been skeptical of cryptocurrencies and has previously engaged in lengthy discussions about whether to implement a comprehensive ban on crypto trading.
The central bank launched the wholesale CBDC project, the digital rupee, at the end of 2022 to improve interbank settlements by reducing transaction costs.
Cointelegraph reached out to the RBI for comments on its new digital currency and tokenization plans but had not received a response by the time of publication.
Related: U.S. Bitcoin (BTC) ETF attracts $1.18 billion in a single day, setting the second-highest inflow record in history.
Original article: “India Slams Unbacked Crypto in Central Bank's New Digital Currency Plan”
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