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You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/shaktikanta-das-emphasizes-the-importance-of-cbdc-in-india/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Shaktikanta Das Emphasizes the Importance of CBDC in India</a> 
Shaktikanta Das, the Governor of the Reserve Bank of India (RBI), reiterated his positive stance on Central Bank Digital Currency (CBDC). He highlighted the potential effectiveness of the Indian Digital Rupee, suggesting that it could mitigate uncertainties linked to <a href="https://en.coin-turk.com/trumps-victory-could-propel-bitcoin-to-90000-by-year-end/" data-wpel-link="internal" rel="noopener noreferrer nofollow">cryptocurrencies</a>.
<h2 style="text-align: justify" id="cbdc-s-role-against-cryptocurrencies">CBDC’s Role Against Cryptocurrencies</h2>
Governor Das expressed long-standing support for the Indian Digital Rupee. He emphasized, “CBDC plays a crucial role in alleviating the uncertainty created by cryptocurrencies,” thus underscoring his cautious approach towards <a href="https://en.coin-turk.com/crypto-market-faces-attack-millions-of-dollars-lost/" data-wpel-link="internal" rel="noopener noreferrer nofollow">crypto</a> assets. He also mentioned that CBDC could provide a more stable and controllable digital currency for India, potentially reducing the volatility and risks associated with cryptocurrencies like Bitcoin and Ethereum .
Das called for reduced costs and transaction times for international money transfers, emphasizing the efforts to modernize cross-border payments with the digital rupee.
<blockquote>
 “Money transfers are vital for developing economies like India.”
</blockquote>
<h2 style="text-align: justify" id="cbdc-and-ai-risks">CBDC and AI Risks</h2>
Das noted that CBDC could enable faster and more efficient transactions in cross-border payments. He also mentioned plans to expand India’s 24/7 real-time gross settlement (RTGS) system to facilitate transactions in major global currencies like the US Dollar, Euro, and British Pound.
<blockquote>
 “CBDCs offer a unique opportunity for India to lead in cross-border payments.” – Das
</blockquote>
Das added that integrating CBDCs into global transaction simplification efforts would be beneficial. However, he acknowledged the challenges of developing a universal CBDC framework and expressed concerns about the potential misuse of artificial intelligence (AI) in the financial sector. While AI is powerful, he noted that it could make banks more vulnerable to cyberattacks and data breaches.
As the RBI Governor continues to share insights on CBDCs, he maintains a firm stance against Bitcoin and other <a href="https://en.coin-turk.com/aave-coin-rises-with-rebranding-and-acquisition-news/" data-wpel-link="internal" rel="noopener noreferrer nofollow">altcoins</a>. Nevertheless, in July, it was announced that the RBI and SEBI have taken steps towards establishing a comprehensive crypto policy for the country.
In conclusion, the advantages of CBDC for the Indian economy and the minimization of risks posed by cryptocurrencies could play a significant role in strengthening the country’s digital financial infrastructure. However, while this may favor Das, it could also negatively impact the demand for cryptocurrencies in the region, opening the door to a challenging scenario for overall markets.
The post <a href="https://en.coin-turk.com/shaktikanta-das-emphasizes-the-importance-of-cbdc-in-india/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Shaktikanta Das Emphasizes the Importance of CBDC in India</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal" rel="noopener noreferrer nofollow">COINTURK NEWS</a>.

Shaktikanta Das Emphasizes the Importance of CBDC in India

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