In a recent conversation with a crypto media outlet, Ripple executives mentioned that the dearth of governing lucidity in India suggests that technical innovation in India’s digital asset sector is being crippled. They further commented that a tangible legislative outline for cryptocurrencies in India is essential to boost institutional investment.
Due to the existing sentiment of a regulatory grey zone in India’s virtual currency regulation is stopping banks and institutional investors from getting in the Indian cryptocurrency space, which is affecting the industry negatively. That’s the point of view of senior Ripple executives based in India.
Navin Gupta, the managing director of South Asia and EMEA, and Sagar Sarbhai, head of government and regulatory affairs for Asia Pacific for Ripple, recently had a conversation with Forkast News. They delineated what they see as a route ahead for digital currencies in India in light of speculations that the Indian government might force an absolute cryptocurrency prohibition once Parliament resumes.
“For a country like India, a retail CBDC may not be that feasible because there are many other policy angles related to that”.
As per him,
“(a wholesale Central Bank Digital Currency, where the central bank issues tokens to the regulated banks) could be a possible use case.”
What is your point of view about India’s own CBDC? If launched, will it increase Bitcoin or Ripple adoption across the nation? Let us know in the comments below!