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India’s upcoming RBI-backed digital currency is a central bank digital currency (CBDC) pilot designed to speed payments and increase transparency; the government says it neither encourages nor discourages private crypto and will tax crypto gains. Key elements: CBDC-backed rails, deposit tokenization pilot, and continued regulatory caution.
RBI-backed digital currency will use wholesale CBDC rails for faster, transparent settlements
Deposit tokenization pilot will partner with domestic banks to test tokenized deposits for efficiency
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Officials: government neither encourages nor discourages crypto; crypto remains taxable and carries sovereign-risk concerns
RBI-backed digital currency news: India to pilot CBDC-based deposit tokenization; learn the timeline and implications. Read the latest update now.
India doesn’t “encourage or discourage” crypto, it “only taxes it,” Minister Piyush Goyal said, while unveiling a new RBI-backed digital currency project.
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The Indian government expressed renewed skepticism toward cryptocurrencies like Bitcoin as it prepared to launch new digital currency initiatives backed by the Reserve Bank of India (RBI).
India will soon launch an RBI-backed digital currency, India’s Commerce Minister Piyush Goyal said during a roundtable in Doha, and the RBI has scheduled a pilot for deposit tokenization, officials reported.
What is the RBI-backed digital currency India plans to launch?
The RBI-backed digital currency is a central bank digital currency (CBDC) initiative intended to simplify transactions, reduce settlement times and improve transparency using blockchain-inspired infrastructure. The central bank’s wholesale CBDC layer will underpin a deposit tokenization pilot with domestic banks to test interbank and institutional use cases.
How will the deposit tokenization pilot work?
The RBI’s fintech department says the pilot will use the wholesale segment of the digital rupee as the foundational layer. Participating banks will tokenize deposits to create digital representations of bank liabilities that can be transferred on the CBDC rails. Expected benefits include reduced settlement risk and lower transaction friction for high-value transfers.
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Source: India’s Commerce Minister Piyush Goyal
Why does the Indian government say it “only taxes” crypto?
Commerce Minister Piyush Goyal emphasized that privately issued cryptocurrencies lack sovereign backing and, therefore, carry value and counterparty concerns. He stated the government has not banned crypto trading but treats it as a taxed activity: “It’s a thing you can do at your own risk and cost. The government doesn’t encourage or discourage. We only tax it.”
What does this mean for investors and the market?
Investors should view private crypto assets as speculative and without government guarantees. While BTC recently reached new highs in some markets, Indian regulators continue to focus on risk management and taxation rather than outright prohibition. Official guidance emphasizes disclosure, taxation, and anti-money-laundering compliance.
According to reports, the RBI launched a wholesale CBDC project, the digital rupee, in late 2022 to improve interbank settlements and reduce transaction costs. The current deposit tokenization pilot aims to expand those capabilities.
Bitcoin all-time price chart. Source: CoinGecko
When will the RBI pilot begin and what is the timeline?
RBI officials stated the deposit tokenization pilot will begin on Wednesday (per fintech department communications). The pilot phase is intended to be iterative: initial tests will validate technical integration with domestic banks, followed by scaled tests for operational resilience and regulatory controls.
Which institutions are involved in the pilot?
Reports indicate collaboration with several domestic banks. The RBI will manage the wholesale CBDC layer while partner banks tokenize deposits and test settlement workflows. Official participation lists and technical specifications will be released by the RBI as pilots progress.
Frequently Asked Questions
Will the RBI-backed digital currency replace bank deposits?
The RBI-backed digital currency is intended as a settlement and payment rail, not a wholesale replacement for retail bank deposits. Deposit tokenization aims to create transferable digital representations of bank liabilities for specific use cases.
How does the government treat crypto gains for taxes?
Indian authorities treat cryptocurrency gains as taxable income or capital gains depending on the transaction. The official stance is taxation and regulation, not encouragement or prohibition.
Key Takeaways
- RBI-backed CBDC pilot: Uses wholesale CBDC rails for deposit tokenization to improve settlement speed and transparency.
- Regulatory stance: Government neither encourages nor discourages private crypto; it remains a taxable activity with sovereign-risk concerns.
- Next steps: Pilot testing with domestic banks will validate integration, functional use cases and operational resilience before broader rollout.
Conclusion
The RBI-backed digital currency pilot marks a new phase in India’s payment infrastructure, combining the wholesale CBDC layer and deposit tokenization to test faster, more transparent settlements. Officials reiterate a cautious regulatory approach to private crypto while focusing on taxation and risk management. Watch for RBI updates as pilots progress.
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