India will launch a digital currency linked to the RBI.

India will issue a digital currency backed by the Reserve Bank of India (RBI) to limit uncollateralized private cryptocurrencies, Minister Piyush Goyal said. He stated that the "digital rupee" will facilitate faster and more transparent transactions and reduce the use of paperwork. Although it has not completely banned crypto, the government is imposing high taxes to reduce usage.

According to Chainalysis, India, Pakistan, and Vietnam currently lead the world in cryptocurrency activity. Expert Raj Kapoor states that this is a turning point indicating India's shift towards "tight and layered management," prioritizing backed tokens. Meanwhile, Monica Jasuja believes this move reflects confidence in regulated digital currency, similar to a state-backed stablecoin. However, the lack of clarity in regulations is causing many crypto talents from India to move abroad.