Rabi Sankar, vice-president of the Central Bank of India (RBI), believes that CBDCs will bring the end of private cryptocurrencies.
Central bank vice president Rabi Sankar stated that private cryptocurrencies have the potential to be used in an undesirable way despite being supported by advanced technology.
“We really believe that CBDCs can kill private cryptocurrencies”
Crypto industry actors, on the other hand, opposed RBI’s crypto stance. Vikran Subburaj, CEO of Giottus exchange, stated that the RBI is acting to stifle innovation in the crypto industry.
Speaking at an event organized by the IMF, Sankar said that the agency should lead the way in global crypto regulations.
India’s crypto regulatory efforts gained momentum last year, with officials saying that other countries’ regulations are being reviewed for regulations.
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