CBDCs and crypto should coexist, not compete — CoinDCX co-founder

[Bitcoin Smith]

Sumit Gupta shares insights on India’s approach to CBDCs and private cryptocurrencies, emphasizing the need for balanced regulation.

ndia’s regulatory position on cryptocurrencies and central bank digital currencies continues to fuel debate, with recent discussions suggesting CBDCs could have an edge over “private cryptocurrencies.”

In an interview with Cointelegraph, Gupta said he believes both CBDCs and cryptocurrencies are valuable but serve different roles:Gupta added that “this centralization enables effective implementation of monetary policy, allowing for better management of inflation, liquidity and interest rates.”

India’s regulation has enabled crypto exchanges to comply with Financial Intelligence Unit (FIU) guidelines and tax frameworks.

This shift could be seen in March when the Supreme Court of India struck down the Reserve Bank of India’s (RBI) ban on banks’ dealings with crypto-related firms.

Gupta said he hopes that “relief is given on taxation” since the establishment of compliance and monitoring, which he says is being “driven through PMLA [Prevention of Money Laundering Act] initiatives.”

CBDCs and crypto should coexist, not compete — CoinDCX co-founder

[TheUltraElite]

CDBCs are better than "private currencies" like BTC, ETH - what the hell is this supposed to imply? Its just the opposite of what each is meant to work for. BTC is more public than any other fiat currency out there because of decentralization. This should have become clear to regulators long back.

Facepalm moments for the regulators in India if this is really what they are doing.

Also what sort of relaxation on taxes, they did not specify here.

[pakhitheboss]

CDBCs are better than "private currencies" like BTC, ETH - what the hell is this supposed to imply? Its just the opposite of what each is meant to work for. BTC is more public than any other fiat currency out there because of decentralization. This should have become clear to regulators long back.

What can you expect from someone who is part of a currently questionable local cryptocurrency exchange? They have zero ethics and understanding of the business and that is why he failed to understand what is private and public. Those who are in this business know for a fact that Bitcoin is public crypto and CBDC is private because they are controlled and governed by a single entity.

Facepalm moments for the regulators in India if this is really what they are doing.

I agree with you.

Also what sort of relaxation on taxes, they did not specify here.

They have been asking for a reduction of tax because they are the ones who are facing issues as an exchange due to a reduction in volume.