India's central bank, RBI, believes that CBDCs could 'kill whatever little case there could be' for cryptocurrencies. cryptocurrency bitcoin $BTC
Reserve Bank of India Deputy Governor T. Rabi Sankar says central bank digital currencies could “kill whatever little case there could be” for cryptocurrencies, like bitcoin and ether.RBI Deputy Governor T. Rabi Sankar talked about the potential impact of central bank digital currencies on cryptocurrencies, like bitcoin and ether, at a webinar organized by the International Monetary Fund , local media reported Friday.
Sankar explained the central bank’s stance that cryptocurrencies should not be permitted “just because they are backed by hi-tech.” He added: Meanwhile, the Indian government is still working on the country’s crypto policy. This week the economic affairs secretary revealed that the government isThe RBI has long warned about cryptocurrencies being a threat to India’s financial system and should never be recognized as legal tender like some countries, including El Salvador, have done. The bank also warned that crypto could lead to theSankar detailed: “A currency needs an issuer or it needs intrinsic value.
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