Indian Crypto Companies Criticize The Concept Note On CBDC By RBI

After the Reserve Bank of India (RBI) released its concept note on a central bank digital currency (CBDC), the organization faced criticism from several crypto firms. According to a story in the Economic Times on October 9, executives of crypto companies operating in the nation referred to RBI’s plan to replace digital assets with a CBDC as a «comparing apples and oranges» situation.

RBI Accused Of Using Conservative Crypto Strategy

Another executive pointed out that RBI’s concept note revealed its constrained, conservative, and out-of-date view of cryptocurrencies. Khaleelulla Baig, the CEO of the cryptocurrency investing platform Koinbasket, asserted that the strategy showed the central bank’s need to keep control of the fiat currency market. When RBI proclaimed that its CBDC could displace digital assets, cryptocurrency companies responded by saying that the regulator «was comparing apples to oranges.» According to an unidentified executive, a differentiating characteristic between CBDCs and cryptocurrencies was their names themselves. The RBI, he claimed, was trying to compare stocks to Indian rupees.

India’s Stand Over Crypto

For many people, India’s position on cryptocurrency is unclear. Even though the nation wished to outlaw it outright, it is not possible without the cooperation of international authorities. Despite the confusion and dubious regulation of cryptocurrency in India, the number of currency users is growing in the nation.

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