RBI Deputy Governor: CBDCs will wipe off the need for crypto
Deputy Governor (DG) of Reserve Bank of India (RBI) T Rabi Sankar believes that the launch of a central bank digital currency (CBDC) in India will ring a death knell on the need for cryptocurrencies.
RBI DG backs the digital rupee
According to a news report from ET, RBI DG Sankar said that the soon-to-be-introduced digital rupee will "kill" all that's left of digital currencies like Bitcoin, Ethereum, and others. "We believe that CBDCs could actually be able to kill whatever little case that could be for private cryptocurrencies," Sankar spoke at a seminar organized by the International Monetary Fund (IMF).Sankar also stated that the RBI is currently working on the digital version of the INR and will introduce the CBDC "methodically" to the citizens of the nation. The central bank sees multiple advantages to the digital rupee, including better currency management, reducing settlement risk in the system, especially the interbank system, and the best solution to cross-border payments.
"We will go through the process of proofs of concept, then pilots, and then a stage-wise introduction. We intend to learn as we go, as all of us realize the digital journey is precisely that, it's a journey that never has an end," Sankar said.The RBI DG stressed that "it is important that many countries understand these technologies while taking their policy decisions" and also asked the IMF to take a "leading role in clearing the narrative, whether it's in respect of CBDCs or cryptocurrencies."
Consultation paper is almost ready
In a separate report, Cryptonary reported that the Indian government is almost ready with its consultation paper on cryptocurrencies wherein the authorities consulted parties such as the IMF and the World Bank. The economic affairs secretary, Ajay Seth, told the media that look at legislation in other countries before forming laws of its own.100% Success Money Back Guarantee
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