Mumbai, Oct. 7 -- India is set to introduce adigital currency backed by the Reserve Bank of India (RBI), aimed at making financial transactions faster, more transparent, and secure.

The announcement was made by Union MinisterPiyush Goyalduring his address in Doha.

Goyal said that the upcomingRBI-backed digital rupeewill function with the same trust and guarantee as paper currency but will useblockchain technologyto enable seamless digital payments.

He explained that this move aligns with India's goal of promoting a reliable and regulated digital economy.

The minister also drew a distinction between India's official digital currency andprivate cryptocurrencieslike Bitcoin or Ethereum.

He stated that India will continue todiscourage cr...