Will India Ban Bitcoin, Crypto For CFTC Adoption? CoinDCX CEO Responds
Highlights
- India is considering banning private crypto like Bitcoin, sparking speculations in the market.
- The country aims to promote its Central Bank Digital Currency (CBDC), claiming it offers more security than crypto.
- CoinDCX CEO Sumit Gupta argues that CBDCs and crypto serve different purposes and can coexist.
India is reportedly considering a ban on Bitcoin and other crypto, which have sparked discussions in the broader digital assets space. Recent reports indicate that the nation seeks to promote its Central Bank Digital Currency (CBDC) while prohibiting use of the private cryptocurrencies. This development has caught the eyes of the investors, with CoinDCX CEO recently responding to the update.
India Considers Bitcoin & Crypto Ban Amid CBDC Focus
A recent Hindustan Times report indicates that India is leading toward a potential ban on private crypto. The regulators reportedly cited the risks associated with private crypto while noting the benefits of CBDC for this decision.
Notably, the country’s CBDC, known as the digital rupee, has been in pilot since November 2022, with growing adoption in retail and wholesale segments. The report cited an anonymous official, who argues that the CBDC could offer the same advantage as private crypto like Bitcoin. Besides, it could also provide better security, without the associated risks.
Meanwhile, the report also said that the government has consulted with market experts regarding this. The experts said that CBDCs offer financial inclusion, making it easier to deliver targeted funds to vulnerable populations.
RBI Governor Shaktikanta Das stated that the programmability of CBDCs could be a game-changer in ensuring targeted subsidies reach those who need them most. Besides, the use of blockchain technology in CBDC could aid in several aspects like government securities, targeted lending, and others. It’s worth noting that the RBI Governor is an active supporter of CBDCs, who has also previously highlighted risks associated with crypto.
However, the final decision regarding the crypto ban is yet to be made. The government is currently consulting experts and considering data from the ongoing CBDC pilots. In addition, it is influenced by the G20’s adoption of the IMF-FSB synthesis paper, which suggests that countries can adopt stricter regulations on cryptocurrencies, even implementing an outright ban if deemed necessary.
CoinDCX CEO Responds On CBDC Vs Crypto Debate
Sumit Gupta, CEO of one of the top Indian crypto exchanges CoinDCX, recently commented on the comparisons being made between CBDCs and private cryptocurrencies. In response to the report from the Hindustan Times, he challenged the statement that CBDCs could fully replace or outperform cryptocurrencies like Bitcoin.
He emphasized that the two digital assets serve different purposes and can complement each other. According to Gupta, CBDCs focus on specific government-driven functions like financial inclusion, whereas cryptocurrencies offer other benefits such as decentralization, broader market access, and innovation.
Meanwhile, he urged India regulators to look beyond competition and see how both technologies can coexist to strengthen the financial system. Besides, the CoinDCX CEO also stressed the importance of ongoing discussions to create a balanced and robust financial ecosystem, leveraging both CBDCs and cryptocurrencies.
- FOMC Minutes, Jerome Powell Speech: Will Bitcoin Recover or Retrace Further?
- “Meme Coin SZN Is Here,” Says CZ As GIGGLE, 4 Price Skyrocket to All time Highs
- CZ’s YZi Labs Commits $1 Billion Builder Fund As Binance Coin Surpasses XRP
- Expert Sees LTC Crashing to $50 Even As Litecoin ETF Approval Reaches Final Stage
- CleanCore’s Dogecoin Treasury Pays Off Big With $20M Gains as Holdings Near 1B DOGE
- Binance Coin Price Prediction If It Surpasses Bitcoin Marketcap— Is $3000 Possible in 2025?
- ASTER vs HYPE Price Analysis – Which Perp DEX Token Looks Poised to Dominate Q4 Performance?
- Ethereum Price Could Soar to $6,500 as BlackRock’s ETF Nears $20B Milestone
- Cardano Price Consolidates Below Key Resistance Ahead of ETF Verdict — Is a 50% Rally in Sight?
- Solana Price Eyes 56% Rebound Amid Solana Company’s Massive $530M SOL Acquisition
- Ethereum’s Price Bullish Cycle Resumes as Grayscale Launches Spot Staking ETPs – Is $7,331 Next?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
