News

CBDCs, According To the Reserve Bank of India’s Deputy Governor, Will “Kill” Cryptocurrencies.

Private cryptocurrencies, according to the Reserve Bank of India (RBI), will be phased out with the introduction of central bank-issued digital currencies (CBDCs).

CBDCs, According To the Reserve Bank of India’s Deputy Governor, Will “Kill” Cryptocurrencies.

Despite being supported by excellent technology, the Indian Times reported on June 3 that the bank’s deputy governor T. Rabi Sankar indicated that private cryptocurrencies had the potential to be used for malicious reasons.

Sankar’s position on private cryptocurrencies adds to the Indian government’s opposition to cryptocurrencies as the country prepares to release a consultation paper on digital assets.

 Sankar said:

“We believe that CBDCs could actually be able to kill whatever little case that could be for private cryptocurrencies,”

Players in the crypto industry, on the other hand, have disregarded the RBI’s stance on CBDCs and private digital assets. The RBI projection, according to Vikram Subburaj, CEO of Giottus crypto exchange, is an attempt to restrict innovation in the crypto sector.

Sankar remarked at an event hosted by the International Monetary Fund (IMF) that the IMF should take the lead in the global cryptocurrency regulatory debate.

India’s push to regulate cryptocurrencies has escalated in the last year, with officials indicating that the consultation document was based on other countries’ legislation.

CBDCs, According To the Reserve Bank of India’s Deputy Governor, Will “Kill” Cryptocurrencies.

Officials led by RBI governor Shaktikanta Das have previously outlined various scenarios that could result from cryptocurrency legalization. Das cautioned that the dollarization of the country’s economy could result from the denomination of most cryptocurrencies by the dollar.

He claimed that dollarization is harmful to India’s sovereignty and that digital currency poses a risk to financial stability.

Furthermore, numerous rules have been presented in recent months as the country draws closer to passing a legal law to oversee the sector. For example, during this year’s annual budget, the government committed to tax earnings derived from cryptocurrency investments at a rate of 30%.

With millions of people losing their money due to the recent breakdown of the Terra ecosystem, the pressure to regulate cryptocurrencies has escalated. The state, through the RBI, has previously warned citizens against investing in cryptocurrencies at a time when digital assets are attracting a growing number of people in the country.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Patrick

CoinCu News

Victor

Recent Posts

Best New Meme Coins with 1000X Potential: BTFD Coin’s Hot BIG50 Discount As Baby Doge Coin, Dogs Takes Gaming to the Next Level

Explore the best new meme coins with 1000X potential. Learn how BTFD Coin leads with…

12 minutes ago

BlockDAG Surges Past $170M as BDAG250 Bonus End Countdown Begins – Aave Targets $400 & Solana Shines with Scalability

BlockDAG crosses $170.5M in presale success with BDAG250 bonus and Whitepaper V3 launch! Solana grows…

2 hours ago

Qubetics Presale Price Surge Approaches: The Best Coins to Invest in Right Now While Toncoin, and XRP Gain Traction

Discover why Qubetics, Toncoin, and XRP are the best coins to invest in right now.…

2 hours ago

Book of Meme Old News? This Best Meme Coin to Invest in 2024 Is Multiplying Gains Like a Champ

Over the years, meme coins have evolved from inside jokes into serious investment opportunities.

3 hours ago

Time’s Ticking on BlockDAG’s 5-Tier Bonus- Few Days Left to Grab It While Cardano Whales Take Action, Aave Rallies Strong

Discover BlockDAG's five-tier bonus program's closing phases that enhance buyer holdings. Gain insights on the…

4 hours ago

Best Altcoins to Buy for 2025: Qubetics Presale Surge, Solana’s Lightning Speed, and Cardano’s Blockchain Revolution

Discover why Qubetics, Solana, and Cardano are redefining the crypto landscape. Learn about milestones, price…

4 hours ago

This website uses cookies.