CBDC can kill crypto: RBI deputy governor tells IMF
RBI deputy governor spoke about CBDCs and their potential to disrupt the crypto environment at an IMF discussion
By Shashank Bhardwaj
T Rabi Sankar, deputy governor of the Reserve Bank of India (RBI) discussed India's possible position in bringing change in the crypto environment with the help of central bank digital currencies (CBDCs) at an International Monetary Fund (IMF) discussion.
During the discussion with the IMF, Sankar spoke about India's in-house peer-to-peer fiat payments system, UPI (Unified Payments System), quoting its success to the simplicity of the system's operation. He mentioned that UPI had seen 160 percent average adoption and transaction growth per annum in the last five years. He compared UPI and blockchain technology, stating that UPI has had significant growth, and blockchain has still not managed to establish itself and is still termed an up-and-coming feat.
The writer is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash
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