India to introduce RBI-backed digital currency: Piyush Goyal: India to introduce RBI-backed digital currency: Piyush Goyal - The Hindu
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.
“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.”
Agree with this…
This should be read with news articles floating around abut USA may set rule that stable-coins should allocate a certain percentage US Treasuries as asset backup.
In a way, that can influence huge USA national debt, US$, etc. etc., a complex situation. https://www.reuters.com/markets/stablecoins-might-reboot-us-exorbitant-privilege-2025-09-10/
For dollar-backed stablecoins to be truly stable, the US needs to set international standards: https://www.atlanticcouncil.org/blogs/new-atlanticist/dollar-backed-stablecoins-international-standards/
Currently, 98 percent of stablecoins are pegged to the US dollar, but over 80 percent of stablecoin transactions happen outside the United States.
US banks lobby to block stablecoin interest over fears of deposit flight: https://www.ft.com/content/7c4746d7-02e8-4c60-a96c-b51eb21a7bf1
Another digital failure like erupee ?
Will have to wait and see… Earlier, cryto-currencies were touted as a method to get away from govt. monitoring and control which attracted lot of people. A govt. back crypto-currency is just another govt. currency…
Seems govt. is trying to do more to popularize it: https://www.youtube.com/live/ObCjV9sA2vM?si=jW3K2gLjeoheBxeS