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

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

Last Updated on August 15, 2020 by CryptoCreed

As increasing bitcoiners from all over the world and in India. And Indian Bitcoin community achieved a response from the country’s central bank(RBI). The Reserve Bank of India was started exploring cryptocurrency technology has responded 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 the 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 consumers.

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 demonetization move. And after all cash transactions are more anonymous than bitcoin transactions as blockchain maintains a record of every transaction happening over the network. Also, Bitcoin transactions can track easily by the user but in case it is hard to track.

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