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Bitcoin Can’t Kill The Indian Rupee,Says RBI Dy Guv

The Deputy Governor of the RBI stated that Bitcoin is never going to replace fiat currency
The Deputy Governor of the RBI stated that Bitcoin is never going to replace fiat currency

As increasing bitcoiners from all over the world and in the india.And indian Bitcoin community achieved response from the country’s central bank(RBI).The Reserve Bank of India was started exploring cryptocurrency technology has responsed like any other bank when it comes to bitcoin usage.

The R Gandhi deputy governor of the RBI says

The emergence of bitcoins has led to some quarter predicting the end of the currency system itself.In my mind,it may remaion a pipe dream that blockchain will eliminate currency.

He was speaking at technology summit organized by the Indian Banks Association(ABI).And he also mentioned,the two characteristics of currency which is necessary for widespread adoption and Currency should make confident the users.Cryptocurrency shouldn’t be anonymous forever.

R Gandhi also mentioned that most of the countries are currently in the process of printing more currency,with Nordic economics as an exception.In his view,the virtual currencies can’t mass used as it is not backed by any underlying assets and the financial,legal,security and protection of cunsumer.

Unless,R Gandhi’s statement misses some main points.The confidence in money ,especially the indian Rupee hasn’t stayed the same since last year’s demonitization move.And after all cash transactions are more anonymous than bitcoin transaction as blockchain maintain a records of every transaction happening over the network.Also,Bitcoin transactions can track easily  by user but in cash its hard to track.

Bitcoin adoption has few holes in it.Even though he is right about challenges currenctly being faced by the digital currency when it comes to widesread adoption,it doesn’t make fiat a perfect currency.

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