[2017-03-06] Reserve Bank of India Predicting the Future of Bitcoin

[tyz]

Reserve Bank of India Predicting the Future of Bitcoin

The Deputy Governor of the Reserve Bank of India (RBI), R. Gandhi, gave a keynote address last week at a fintech conference stating that Bitcoin has value and is eliminating currency. However, he also gave several reasons why digital currencies that are not backed by the government will fail to achieve mass adoption.

https://news.bitcoin.com/reserve-bank-of-india-predicting-the-future-of-bitcoin/

[panju1]

Reserve Bank of India Predicting the Future of Bitcoin

The Deputy Governor of the Reserve Bank of India (RBI), R. Gandhi, gave a keynote address last week at a fintech conference stating that Bitcoin has value and is eliminating currency. However, he also gave several reasons why digital currencies that are not backed by the government will fail to achieve mass adoption.

https://news.bitcoin.com/reserve-bank-of-india-predicting-the-future-of-bitcoin/

From a Central Bank perspective, widespread adoption of digital currencies is a nightmare. So it is no wonder that they want (and predict) cryptocurrencies to fail. Bitcoin has come a long way in India in the past few years.

[Papa Bear]

We can see that in these types of virtual currencies, there is no central bank or monetary authority, he expressed.Potential financial, operational, legal, customer protection and security-related risks,virtual currencies stem from two key elements, they are the concept of confidence and anonymity. The currency should be able to sustain these two elements forever.