Share this article
Indian Central Bank Studies 'Fiat Cryptocurrency' for Digital Rupee
The executive director of the Reserve Bank of India has confirmed that research into a "digital rupee" is still ongoing.
Updated Feb 9, 2023, 1:24 p.m. Published Sep 13, 2017, 3:00 p.m.
The Reserve Bank of India (RBI), the country's central bank, has spoken about its ongoing cryptocurrency research, hinting at its role in a future digital alternative to the rupee.
With the Indian government currently trying to move toward a fully digital economy, it has initiated the flagship Digital India initiative and research programs to drive that process forward.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
As reported by CoinDesk, a paper from the RBI's research institute, published in January, argued that blockchain tech could provide the necessary basis for the digitization of the rupee.
Now, according to the The Economic Times, RBI executive director Sudarshan Sen has indicated that this work is still in progress, saying at an Indian fintech conference today:
"Right now, we have a group of people who are looking at fiat cryptocurrencies. Something that is an alternative to the Indian rupee, so to speak. We are looking at that closely."
However, the bank is less keen on non-central bank cryptocurrencies like bitcoin, with Sen stating that the RBI is "not comfortable" with such "private" cryptocurrencies.
The RBI has previously issued investor warnings on the risks of cryptocurrencies, and its deputy governor claimed their potential is "being overstated" in a March speech.
Reserve Bank of India image via Shutterstock
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Tether adds nearly $800 million in bitcoin, bringing holdings above 96,000 BTC
The purchase is part of Tether's strategy to use up to 15% of its quarterly profits for bitcoin acquisitions.
What to know:
- Tether added 8,888.88 BTC to its treasury wallet as part of its Q4 2025 profit allocation.
- The purchase is part of Tether's strategy to use up to 15% of its quarterly profits for bitcoin acquisitions.
- Tether's approach allows it to diversify reserves without affecting the assets backing its stablecoin liabilities.
Top Stories
