@RBIGovernor Opposes ‘Private Money,’ India to Ban Crypto!

India remains the topper for the second consecutive year in 2024 in terms of crypto adoption. Still, it is worth noting that the nation is among countries with a tough and unfavorable set of rules for digital currencies. 
During G30, the 39th Annual International Banking Seminar organized in Washington DC, the governor of the Reserve Bank of India, Shaktikanta Das, argued his uncomfortness with the idea of “private money,” which, as per him, is eroding the payment system and the sovereignty of regional governments. 
The statement was made while Mr. Das was speaking over the issue concerning cryptocurrencies and stablecoins. Yet he did not oppose blockchain technology; instead, he praised the concept of Central Bank Digital Currency (CBDC), terming it the future of national/ fiat currencies.