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The central bank official shared his no-holds-barred opinions on risks and regulatory challenges posed by cryptocurrencies.
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The central bank official shared his no-holds-barred opinions on risks and regulatory challenges posed by cryptocurrencies.
He also revealed that the RBI is working out the chinks in its CBDC project, but stopped short of providing a timeline.
Recently, PM Modi said that the digital rupee "will be completely controlled and monitored."
CBDCs present the government with the opportunity to counter the surging adoption of private crypto like Bitcoin.
The central bank also mentions familiar ways in which scammers trick victims to access their confidential details.
The government continues to hold deliberations while India's unregulated, burgeoning crypto industry watches closely.
It gives a chance for central banks to examine the use cases for their respective digital currency, prior to full rollout.
With this move, the central bank looks to keep up with innovation in the fintech sector while staying wary of Big Tech.
But ground rules set up by the RBI reveal that not everyone will be allowed to provide the offline service.
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