India will soon launch its own digital currency backed by the Bank of the Reserve of India (RBI) for transactions without problems, said the Minister of Commerce of the Union and the Piyush Goyal industry during a round table in Doha, Qatar.
“India has also announced that we will go out with a digital currency that will be backed by the guarantee of the Bank of the India Reserve as normal currency,” said Goyal, according to local media reports.
He explained that the new system, taking advantage of Blockchain technology, will allow faster, safe and transparent transactions, drawing parallels with the legalized stables in the US. UU. According to the genuis law (which guides and establishes national innovation for the established law of the United States).
It will help to stop illegal transactions, since each digital transaction can be verified through the system, he explained.
India, the fastest growing economy in the world and home of more than one billion people, exceeds all other economics in the adoption of cryptography, according to the chain. However, the Indian government led by Narendra Modi has been cautious and something reluctant to officially embrace the cryptography.
“We have not been encouraging the cryptocurrency, which does not have a sovereign support or that is not backed by assets,” Goyal said, pointing out the risks associated with non -regulated digital assets.
He explained that cryptocurrencies issued privately, such as Bitcoin, operate without any official value guarantee.
