India is set to launch a digital currency backed by the Reserve Bank of India (RBI), as announced by Union Minister Piyush Goyal. This central bank-backed digital currency aims to facilitate faster and more traceable transactions compared to traditional banking methods. The move aligns with India's stance against unbacked digital assets, which are subject to heavy taxation to deter their use. Despite India's high crypto adoption rates, regulatory pressures have driven over 90% of Indian crypto trading offshore. Finance Minister Nirmala Sitharaman has underscored the importance of preparing for the increasing impact of digital currencies on the global financial landscape.