RBI Official: Central Bank Digital Currencies Could Kill Cryptocurrencies
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Reserve Bank of India (RBI) 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’s…
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Key Highlights RBI says cryptocurrencies have no intrinsic value, issuer or promise to pay, and are driven purely by speculation. Stablecoins could weaken monetary policy, banking stability and lead to dollarization, the RBI warns. India is pushing a sovereign-backed digital rupee (CBDC) as a safer alternative to private crypto. The…
India’s central bank, the Reserve Bank of India (RBI), has expressed concerns that cryptocurrencies could lead to the dollarization of a part of the Indian economy. “It will seriously undermine the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Go…