Today, looking at the global demand for cryptocurrency and central bank digital currency, the authorities of India have strongly expressed their support for a government-backed digital currency. Shaktikanta Das, the governor of the Reserve Bank of India, freshly stated, “ the central bank of India is “very much in the game” and aspires to emulate China’s digital currency project, the digital yuan. Additionally, RBI is finetuning the technological and procedural protocols to create a digital rupee.