Minister of Commerce and Industry Piyush Goyal said that India does not encourage trading of crypto currency because it has no sovereign backing. (Photo Credit: Screengrab of ANI Video) Show Quick Read Summary is AI Generated. Newsroom Reviewed

The country will come up with a digital currency, which is backed by the Reserve Bank of India. The digital currency will provide faster transaction in the banking system and traceability through block chain. It will reduce paper consumption and easier to transact, Minister of Commerce and Industry Piyush Goyal said. Cryptos are not backed by central-bank-issued currencies, he said as reported by ANI.

RBI has already launched digital currency through a pilot program in two phases. In the first phase, Central Bank Digital Currency was launched

See Full Page