Recent reports confirmed that the government of Indian is looking to launch its central bank digital currency (CBDC), which was seen as a welcome development by many crypto enthusiasts in the country. For this reason, however, the government planned to ban other private cryptocurrencies in Indian. The planned Indian CBDC shouldn’t result in the ban of private digital currencies, as every cryptocurrency is designed to serve a different purpose, according to IAMAN.
Indian CBDC shouldn’t result in a crypto ban
The Internet and Mobile Association of India (IAMAI) made this known on Monday, saying that the planned Indian CBDC is a welcome move from the government. Aside from reducing transaction costs, the industry body believes that the Indian CBDC would open doors to broader adoption of blockchain technology in the country. However, an Indian CBDC shouldn’t necessarily result in the prohibition of other digital currencies in the country, the IAMAN said.