India's central bank still has its doubt about cryptocurrencies, even though the Indian government is looking to soften its stance

Like many central banks, India’s problem seems to be around the fact that cryptocurrencies aren’t controlled by a central authority.

Even though the Indian government is reportedly softening its stance towards digital assets, RBI is not.

During a webinar organised by the Vidhi Centre for Legal Policy – a top advocacy group in India – T Rabi Sankar, Deputy Governor, Reserve Bank of India (RBI) explains why private cryptocurrencies don’t add up.

Basically India isn’t going to take a call on this until there’s an actionable impact. And, at the end of the day, there’s money coming in. Coinbase’s plans to expand operations in the country, new startups – it’s creating growth. Snuffing out crypto would mean snuffing out an emerging sector of the economy that’s looking to the future.