JAKARTA – The Central Bank of India, the Reserve Bank of India (RBI) is preparing to launch a central bank digital currency (CBDC). This is intended to stem the increasing adoption of cryptocurrencies.
According to the Deputy Governor of the Central Bank of India, T Rabi Sankar stated that his party believes CBDC can kill cryptocurrencies. Sankar also rejected the idea of stablecoins having their prices pegged to fiat.
“We believe that central bank digital currencies (CBDC) can really kill any small case that can happen for private cryptocurrencies,” said Sankar.
The RBI Deputy Governor shared his views at the IMF webinar entitled “Across the Border: India's Digital Payment System and Beyond.” In addition, Sankar also urged the IMF to become a major player in stemming cryptocurrencies with CBDCs.
“Technology is evolving at a very fast pace and I don't believe every innovation is desirable. In this case I hope the IMF will take a leading role in clearing the narrative, be it CBDCs or cryptocurrencies."
Furthermore, the RBI executive warned that banks should not fall prey to the blockchain technology that underlies cryptocurrencies. According to Sankar, it is just a device that can be abused.
“Any tool that can be used for good can also be used for an unintended purpose. Technology, at the end of the day, is a tool,” the senior RBI executive warned.
“Currency needs an issuer, or it needs intrinsic value. Many cryptocurrencies, which are not both, are still taken for granted,” concluded T Rabi Sankar.
The English, Chinese, Japanese, Arabic, and French versions are automatically generated by the AI. So there may still be inaccuracies in translating, please always see Indonesian as our main language. (system supported by DigitalSiber.id)
Tags les plus populaires
#Prabowo Subianto #Golkar #élections jakarta #jeux d’argent en ligne #Mount Lewotobi malePopulaire
