India's Central Bank Digital Currency Should Be Able to Do Anything Cryptocurrency Can Do With No Risk, Official Claims
An Indian central bank official claims that if there is anything cryptocurrencies like bitcoin and ether can do, the Reserve Bank of India should be able to create a product that will do the same job without the associated risks. “This is essentially what we are doing in the CBDC experiments,” he stressed.Reserve Bank of India Deputy Governor T. Rabi Sankar talked about cryptocurrency and central bank digital currency Friday at an event organized by the Indian Banks’ Association .
“We saw an environment where private currencies were evolving. We realized that this poses a threat to investors, systems, and the economy. We also realized that private currencies have shown that digitalizing currency can possibly benefit,” the RBI official said. “The way to deal with it was to provide a digital currency.”
Referring to non-government-issued cryptocurrencies, including bitcoin and ether, as “private” cryptocurrencies, the deputy governor opined: If there is anything that a private cryptocurrency can do, we should be able to create a product that will do that without the associated risks in a safer format in fiat money backed by the government and issued by the central bank. This is essentially what we are doing in the CBDC experiments.
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Crypto puts banks in danger, so they came up with a new weapon: CBDCs
Ofc. This is what we have all been waiting for. 😂😂😂
Well, I guess they need Tether then
if you are looking for efficiency then pay attention to tether, not cbdc
hmm 👀
most likely the currency should be stable. I don't think hard working indians want their money to go down in value...or those huge swings like you see with other coins
I don't know if I believe this, but it would be interesting to see.
GIVE
NICE
So smart contracts and NFTs and web3 and defi are all on the table? Good luck
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Is there a perpetual future yet?
hahaha... Laugh Out Loud 🤡🤡🤡
Thats a lie, it can't go up in value against the dollar. INR has been literally down only since its inception. Also CSBCs are not decentralized.
RBI had gone mad.
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FACT
RBI's CBDC is not built on blockchain. So, the transaction will not be public.
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AIRDROP
Better trusted than Rug pulled or Exchanges closing on you and running with your money. Exit Crypto as Jim Cramer just said
Government good step CBDC
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Ya like the risk of having money out of the governments reach 😂
i don't think it is based on blockchain. its jst the updated version of UPI . its under bank control. i hate BANK system too much. it is also a scam.
But crypto is decentralised.
Digital currencies will have a negative effect on us, especially when run by central banks. There's no good news here whatsoever, just bad.
I bet it can't. Simply the technology isn't even crawling yet.. Smh
no risks no reward 😎
The only limit is it Will be accepted nationwide only
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