Crypto startup founders and industry experts have labelled Reserve Bank of India (RBI) Deputy Governor T Rabi Sankar's recent statement on cryptocurrencies as "naive."
On June 2, Sankar stated during a webinar hosted by the International Monetary Fund (IMF) that central bank digital currencies (CBDCs) could eliminate the need for private cryptocurrencies. Apart from digital payments, cryptocurrencies have other applications in areas such as Web3.0. Hitesh Malviya of IBC Capital believes this is a naive comment made by Sankar. Even if CBDCs succeed, they will only have a limited impact on a few vulnerable stable coins, according to Koinbasket CEO Khaleelulla Baig.