- Piyush Goyal announces India’s first RBI-backed digital currency from Doha.
- Government to tax unbacked cryptocurrencies while supporting regulated digital assets.
- India and Qatar seek FTA by 2026 to double bilateral trade.
Union Minister Piyush Goyal says India’s new digital currency will be backed by the Reserve Bank of India while warning against cryptocurrencies with no asset or sovereign guarantee.
India will roll out an RBI-backed digital currency, and it will discourage cryptocurrencies not backed by assets or sovereign support. Union Minister Piyush Goyal made the remarks in Doha on October 7, 2025, calling the move a step toward faster and more secure digital transactions.
Goyal said the digital rupee would make payments easier, cut paper use, and improve speed versus current rails. He added that traceability would be built in to strengthen security and transparency. “It will reduce paper consumption, be faster than the banking system, and ensure traceability,” he said.
India draws a clear line between an RBI-backed digital rupee and unbacked crypto
While Goyal confirmed that there is no outright ban on cryptocurrencies lacking central government backing, he noted that these assets are heavily taxed to reduce their usage. The government’s strategy is rooted in concerns over the risks posed by unbacked digital currencies, which may lack the necessary guarantees and accountability.
Related: A “Regulate, Not Ban” Stance on Crypto Newly Emerges from India’s Parliament
Goyal noted that the government imposes heavy taxes on cryptocurrencies without backing, expressing concern that individuals could end up holding assets with no support or accountability. He stated that this approach aims to prevent people from getting stuck with such unbacked digital currencies.
India Expands Bilateral Trade with Qatar
In addition to his statements on digital currency, Goyal announced that a business delegation would visit Qatar to expand bilateral trade and investment. He expressed optimism that negotiations could finalize a Free Trade Agreement (FTA) by mid-to-late 2026. Qatar is a key trading partner for India within the Gulf Cooperation Council (GCC), with bilateral trade exceeding USD 14.15 billion in the 2024-2025 fiscal year.
Discussions between Goyal and his Qatari counterpart, Sheikh Faisal bin Thani bin Faisal Al Thani, centered on fast-tracking FTA negotiations to meet the goal of doubling bilateral trade. With ongoing trade deals with the UAE and anticipated agreements with Oman, India is actively strengthening its economic ties within the Gulf region.
Related: Indian Regulators Demand PMLA Registration From 25 Offshore Exchanges
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