During the India-Qatar Joint Commission on Economic and Commercial Cooperation, Commerce Minister Piyush Goyal stated that India neither encourages nor discourages cryptocurrency. Instead, the government has opted to regulate it through high taxes. He also confirmed plans to introduce a digital currency backed by the Reserve Bank of India (RBI).
India to Introduce RBI-Backed Assets
Goyal said that India does not encourage unbacked crypto because it entails high risks. Instead of promoting those currencies, India plans to roll out its own digital currency backed by the Reserve Bank of India (RBI).
Goyal said, “India has also announced that we will be coming out with a digital currency, which will be backed by the Reserve Bank of India guarantee. Normal currency will be replaced by a digital currency, somewhat like stablecoins that the USA has announced.”
The main goal of these assets will be to make the transactions easier and faster than traditional finance, while also making them traceable. This will prevent the risks of hacking and scamming by giving access to surveillance. Goyal said this will also reduce the paper consumption.
Current Outlook of Crypto in India
India’s current focus in terms of cryptocurrency is taxation. It has imposed falt 30% tax on gains from cryptocurrency with 1% TDS on transactions above ₹10,000. The current crypto regulation framework of India mostly consists of taxes and security measures instead of innovative rules to encourage crypto.
A Mudrex crypto survey conducted on 9,352 individuals shows 93% of Indians support crypto regulation, with only 13% in favor of taxation. Meanwhile, 66% of people voted taxation as the biggest discouragement for crypto investment. Many even voted it as unfair and the biggest pain. This shows that Indians strongly oppose this daylight robbery in the form of taxation.
However, despite all this, India topped the Global Adoption Index of 2025. With more organizations like Bharat Web3 Association normalizing crypto, supported by payment systems like UPI, the country continues to thrive in crypto.
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