CBDCs Could be a Private Crypto Killer Claims RBI Deputy Governor

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The Reserve Bank of India's newest attack against private cryptos comes as the government prepares to release a consultation paper on the subject.

According to Reserve Bank of India (RBI) Deputy Governor T Rabi Sankar, central bank digital currency (CBDC) might 'kill' the rationale for the existence of private cryptocurrencies.

Rabi Sankar spoke in a webinar hosted by the International Monetary Fund (IMF). He said that "We (RBI) believe that CBDCs would actually be able to kill whatever little case there could be for private cryptocurrencies,"

Rabi Sankar also highlighted the success of the fiat-based peer-to-peer payments system, the Unified Payments Interface (UPI), which has experienced a wide adoption with transaction growth of 160% per annum over the past five years.