{"id":158821,"date":"2022-06-04T07:03:31","date_gmt":"2022-06-04T07:03:31","guid":{"rendered":"https:\/\/precoinnews.com\/?p=158821"},"modified":"2022-06-04T07:03:31","modified_gmt":"2022-06-04T07:03:31","slug":"cbdcs-can-kill-private-crypto-indias-rbi-deputy-governor-to-imf","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/cbdcs-can-kill-private-crypto-indias-rbi-deputy-governor-to-imf\/","title":{"rendered":"CBDCs can \u201ckill\u201d private crypto: India's RBI deputy governor to IMF"},"content":{"rendered":"

In discussion with the International Monetary Fund (IMF), T Rabi Sankar, the deputy governor of the Reserve Bank of India (RBI), reflected an anti-crypto stance as he spoke about India\u2019s potential to disrupt the crypto and blockchain ecosystem.\u00a0<\/p>\n

Rabi Sankar started the conversation by highlighting the success of the Unified Payments Interface (UPI), India\u2019s in-house fiat-based peer-to-peer payments system \u2014 which has seen an average adoption and transaction growth of 160% per anum over the last five years. <\/p>\n

\u201cOne of the reasons it is so successful is because it\u2019s simple,\u201d he added while comparing UPI\u2019s growth with blockchain technology. According to Rabi Sankar:<\/p>\n

\u201cBlockchain, which was introduced six-eight years before UPI started, even today is being referred to as a potentially revolutionary technology. [Blockchain] use cases haven’t really been established that much at the speed it initially was hoped for.\u201d<\/p><\/blockquote>\n

However, the RBI official confirmed that a large population in India still lacks access to UPI-based banking due to the unavailability of smartphones. To counter this, the Indian government is working on offline payment platforms, some of which have started rolling out to the masses.<\/p>\n

Rabi Sankar also stated that banks will remain crucial for providing liquidity services to the general public in India, warning that technology is merely a tool and cannot be used to create currencies:<\/p>\n

\u201cA currency needs an issuer or it needs intrinsic value. Many cryptocurrencies which are neither are still being accepted at face value. Not just by gullible investors but also the experts, policymakers or academicians.\u201d<\/p><\/blockquote>\n

He further stated that RBI does not believe that stablecoins, like Tether (USDT), should be accepted blindly as 1-to-1 fiat pegged currencies. Speaking about the advantages of a digital rupee, Rabi Sankar said:<\/p>\n

\u201cWe believe that central bank digital currencies (CBDCs) could actually be able to kill whatever little case that could be for private cryptocurrencies.\u201d<\/p><\/blockquote>\n

Related: <\/em><\/strong>India to roll out CBDC using a graded approach: RBI Annual Report<\/em><\/strong><\/p>\n

On May 28, India\u2019s central bank, RBI, proposed a three-step graded approach for rolling out CBDC \u201cwith little or no disruption\u201d to the traditional financial system.<\/p>\n

As Cointelegraph reported, finance minister Nirmala Sitharaman first revealed the plan to launch a CBDC in 2022-23 with an aim to provide a \u201cbig boost\u201d to the digital economy. RBI\u2019s report revealed that the central bank is currently experimenting to develop a CBDC that addresses a wide range of issues within the traditional system.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

In discussion with the International Monetary Fund<\/p>\n","protected":false},"author":3,"featured_media":158820,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nCBDCs can \u201ckill\u201d private crypto: India's RBI deputy governor to IMF - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/crypto\/cbdcs-can-kill-private-crypto-indias-rbi-deputy-governor-to-imf\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CBDCs can \u201ckill\u201d private crypto: India's RBI deputy governor to IMF - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"In discussion with the International Monetary Fund\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/crypto\/cbdcs-can-kill-private-crypto-indias-rbi-deputy-governor-to-imf\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2022-06-04T07:03:31+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2022\/06\/CBDCs-can-kill-private-crypto-Indiax27s-RBI-deputy-governor-to-IMF.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/crypto\/cbdcs-can-kill-private-crypto-indias-rbi-deputy-governor-to-imf\/\",\"url\":\"https:\/\/precoinnews.com\/crypto\/cbdcs-can-kill-private-crypto-indias-rbi-deputy-governor-to-imf\/\",\"name\":\"CBDCs can \u201ckill\u201d private crypto: India's RBI deputy governor to IMF - 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