Published on September 15th, 2017 | by bitcoin0
Digital Rupee to Replace Bitcoin, India’s Central Bank Contemplating
India’s Central Bank, the Reserve Bank of India (RBI), is considering the possibility of issuing its own digital fiat currency as an alternative to Bitcoin, according to Economic Times.
The bank expressed its displeasure with cryptocurrencies such as Bitcoin, calling them “private currencies.” According to the central bank’s executive director Sudarshan Sen:
“As regards non-fiat cryptocurrencies, I think we are not comfortable.
We are looking at that closely.”
Position of RBI on cryptocurrencies and other developments
The Indian central bank has been continuously issuing warnings to the public about the use of digital currencies like Bitcoin.
According to the bank, such currencies present potential financial, consumer protection, legal, and security-related risks.
In its comment on the cryptocurrencies in March, then RBI deputy governor R Gandhi said that the potential of virtual currencies is overstated, citing the absence of a monetary authority or central bank supervising their use.