In Doha on Oct. 7, India’s Union Minister Piyush Goyal told reporters that New Delhi does not support cryptocurrencies that are not backed by a sovereign authority or tangible assets. “We don’t encourage any crypto that has no Reserve Bank of India guarantee or local currency backing,” he said.
Goyal also revealed plans for a new digital currency that will carry an RBI guarantee. The goal is to make payments faster, reduce paper bills, and keep every transaction traceable. “This will simplify how people pay and keep money moving quickly, all while staying under the RBI’s watchful eye,” he added.
While the government has not banned cryptocurrencies outright, it is aggressively taxing them to deter usage. “We don’t want people stuck with unbacked coins that could disappear, so we’re imposing heavy taxes to curb their popularity,” Goyal explained.
The minister used the meeting to promote broader trade ties. He said India and Qatar are working toward a free‑trade agreement (FTA) and expects the deal to be signed by the middle or third quarter of next year. India’s trade with Qatar already topped $14 billion last year, and the country is a key partner in the Gulf Cooperation Council, which includes Bahrain, Kuwait, Oman, Saudi Arabia and the UAE. India has already secured a trade pact with the UAE and plans to sign a similar agreement with Oman soon.
During the visit, Goyal met his Qatari counterpart, Sheikh Faisal bin Thani bin Faisal Al Thani, and both pledged to speed up the FTA talks. They aim to double bilateral trade, strengthening economic ties between India and Qatar and boosting the region’s overall commerce.
Source: aninews
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