India is rapidly scaling up its central bank digital currency (CBDC) strategy, as the Reserve Bank of India (RBI) ramps up adoption of the e‑rupee. According to battery bet several reports, by early 2025 the digital rupee has been introduced to over 5 million users, and the government is actively integrating it into major non-bank payment platforms including Paytm, PhonePe, and Google Pay.
Union Commerce Minister Piyush Goyal has emphasized that the e-rupee is not only for convenience but also a tool for financial transparency, faster settlements, and reducing dependence on physical cash. He added that the digital currency will leverage blockchain technology, making transactions more traceable and secure.
Meanwhile, RBI Governor Sanjay Malhotra reiterated the central bank’s cautious stance on unregulated cryptocurrencies, calling them a “huge risk,” and stressing that India’s priority is a sovereign-backed digital currency rather than private crypto assets.
At the same time, India isn’t closing the door completely on crypto. According to a government document, the country is resisting full-scale regulation of virtual digital assets (VDAs) and is instead focusing on measures like heavy taxation, local registration requirements for global exchanges, and tighter AML (anti–money laundering) checks.
The dual-track approach promoting CBDC while limiting risky crypto signals a deliberate effort to modernize payments and strengthen monetary sovereignty. Financial analysts suggest this could reshape India’s entire fintech landscape, bringing in more innovation under a framework that balances growth with control.
