{"id":51898,"date":"2024-10-29T01:31:00","date_gmt":"2024-10-29T01:31:00","guid":{"rendered":"https:\/\/cointelegraph.com\/news\/cbdcs-crypto-should-coexist-not-compete-coin-dcx-co-founder"},"modified":"2024-10-29T04:45:32","modified_gmt":"2024-10-29T04:45:32","slug":"cbdcs-and-crypto-should-coexist-not-compete-coindcx-co-founder","status":"publish","type":"post","link":"https:\/\/emilynews.com\/blog\/?p=51898","title":{"rendered":"CBDCs and crypto should coexist, not compete \u2014 CoinDCX co-founder"},"content":{"rendered":"<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjQtMTAvMDE5MmNkYmUtNDhhMC03MmVkLWEyNmQtY2QxODllMzA3MGNl.jpg\" \/><\/p>\n<p>India\u2019s regulatory position on cryptocurrencies and central bank digital currencies continues to fuel debate, with recent discussions suggesting CBDCs could have an edge over \u201cprivate cryptocurrencies.\u201d<\/p>\n<p>In an Oct. 23 X post, Sumit Gupta, the co-founder and CEO of CoinDCX, argued that CBDCs and cryptocurrencies like Bitcoin (BTC) serve different purposes and \u201cshouldn\u2019t be viewed as competitors.\u201d<\/p>\n<p>His post prompted responses from the crypto community, with some warning that CBDCs could resemble \u201cdigital fiat,\u201d potentially carrying the same inflationary risks as traditional currencies.<\/p>\n<p>As India shapes its approach to crypto regulation, striking a balance between security and innovation will likely influence its role in the global digital economy.<\/p>\n<figure><img decoding=\"async\" title=\"\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2024-10\/0192cda4-2352-7da7-9e67-e1883779cce7\" alt=\"\" \/><figcaption><em>Source: <\/em><em>Sumit Gupta<\/em><\/p>\n<\/figcaption><\/figure>\n<p><em><strong>Related: <\/strong><\/em><em><strong>India\u2019s crypto tax is a gov\u2019t attempt to \u2018displace\u2019 the tech \u2014 Lawyer\u00a0<\/strong><\/em><\/p>\n<h2>CBDCs vs. cryptocurrencies<\/h2>\n<p>In an interview with Cointelegraph, Gupta said he believes both CBDCs and cryptocurrencies are valuable but serve different roles:<\/p>\n<blockquote><p>\u201cCBDCs are issued centrally by the nation\u2019s central bank, which ensures complete control over their issuance, supply and usage.\u201d<\/p><\/blockquote>\n<p>Gupta added that \u201cthis centralization enables effective implementation of monetary policy, allowing for better management of inflation, liquidity and interest rates.\u201d<\/p>\n<p>However, some remain skeptical. In a recent Cointelegraph interview, Jack Booth, co-founder of TON Society, said, \u201cCBDCs pose the greatest danger to self-sovereignty,\u201d adding that public trust in governments is at historic lows:<\/p>\n<blockquote><p>\u201cPublic trust in governments, especially in Western countries, is at its lowest level ever. The introduction of CBDCs, which would give unelected officials complete authority over your funds, would only worsen the existing problems that prompted and fueled the development of Bitcoin many years ago.\u201d<\/p><\/blockquote>\n<p><em><strong>Related: <\/strong><\/em><em><strong>AI risks financial stability, warns Indian central bank governor<\/strong><\/em><\/p>\n<h2>Risk of banning cryptocurrencies<\/h2>\n<p>India has debated banning private cryptocurrencies, but Gupta said he believes the country is open to fintech innovation:<\/p>\n<blockquote><p>\u201cVarious Web3 reports have indicated that with over 75,000 core Web3 talents and more than 450 Web3 startups in India, implementing a ban could stifle the entrepreneurial spirit and hinder advancements in blockchain technology.\u201d<\/p><\/blockquote>\n<p>Gupta highlighted that India\u2019s regulation has enabled crypto exchanges to comply with Financial Intelligence Unit (FIU) guidelines and tax frameworks.<\/p>\n<p>This shift could be seen in March when the Supreme Court of India struck down the Reserve Bank of India\u2019s (RBI) ban on banks\u2019 dealings with crypto-related firms.<\/p>\n<p><em><strong>Related: <\/strong><\/em><em><strong>Supreme Court of India YouTube channel hijacked to shill XRP<\/strong><\/em><\/p>\n<h2>Striking the regulatory balance<\/h2>\n<p>Gupta urged the Indian government to \u201censure a level playing field where all participants follow the law of the land:\u201d<\/p>\n<blockquote><p>\u201cUnfortunately, there are still players which are not compliant on various parameters [&#8230;] taxation still remains high on our agenda. Time and again, various reports have established that taxation drove a lot of users to offshore platforms.<\/p><\/blockquote>\n<p>Gupta said he hopes that \u201crelief is given on taxation\u201d since the establishment of compliance and monitoring, which he says is being \u201cdriven through PMLA [Prevention of Money Laundering Act] initiatives.\u201d<\/p>\n<p><em><strong>Magazine: <\/strong><\/em><em><strong>The rise of Mert Mumtaz: \u2018I probably FUD Solana the most out of anybody\u2019<\/strong><\/em><\/p>\n<p>Check <span style=\"background: #FDFBAC; padding: 1px 4px;\">other news for today<\/span> and Please stand by..<\/p>\n<p>*********************************<\/p>\n<p>If one of the paying programs on our Monitor appeals to you, please support <em>EmilyNews<\/em> by registering for it on our website. Thanks very very much!<\/p>\n<p>EN web <strong>Support Chat<\/strong> | Hyips and Crypto questions \u2013 <strong><a style=\"color: #c03939; text-decoration: underline;\" href=\"http:\/\/emilynews.com\/chat\/hyips\/\">HyipChatEN<\/a><\/strong><\/p>\n<p>Telegram Chat for Crypto and Hyip reports: <strong><a href=\"https:\/\/telegram.me\/HyipChatEN\" target=\"_blank\" rel=\"noopener noreferrer\">@HyipChatEN<\/a><\/strong><\/p>\n<p>*********************************<\/p>\n<p>Be the first to get most important HYIP news everyday!<br \/>\nSimply Follow <a href=\"https:\/\/www.facebook.com\/EmilyNewsOnline\/\" target=\"_blank\" rel=\"noopener noreferrer\"><strong style=\"text-decoration: underline;\">EN Facebook<\/strong><\/a>, <a href=\"https:\/\/telegram.me\/CryptoHyipsEN\" target=\"_blank\" rel=\"noopener noreferrer\"><strong style=\"color: #c03939; text-decoration: underline;\">EN Telegram<\/strong><\/a>, <a href=\"https:\/\/twitter.com\/EmilyHyipNews\" target=\"_blank\" rel=\"noopener noreferrer\"><strong style=\"text-decoration: underline; font-size: 1.3em;\">EN Twitter<\/strong><\/a><br \/>\nor Subscribe to <strong><a style=\"color: #c03939; text-decoration: underline;\" href=\"https:\/\/feedburner.google.com\/fb\/a\/mailverify?uri=Emilynews\" target=\"_blank\" rel=\"noopener noreferrer\">EN Feedburner<\/a><\/strong> and submit your email address!<\/p>\n<p>If you like this article and want to support EN \u2013 please share it by using at least few of social media buttons below. Thanks and See you tomorrow!<\/p>\n<p><a href=\"https:\/\/emilynews.com\/blog\/wp-content\/uploads\/2020\/11\/Reminder2-1.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-13137\" src=\"https:\/\/emilynews.com\/blog\/wp-content\/uploads\/2020\/11\/Reminder2-1.jpg\" alt=\"\" width=\"544\" height=\"600\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>India\u2019s regulatory position on cryptocurrencies and central bank digital currencies continues to fuel debate, with recent discussions suggesting CBDCs could have an edge over \u201cprivate cryptocurrencies.\u201d In an Oct. 23 X post, Sumit Gupta, the &hellip; <a title=\"CBDCs and crypto should coexist, not compete \u2014 CoinDCX co-founder\" class=\"exalt-read-more\" href=\"https:\/\/emilynews.com\/blog\/?p=51898\"><span class=\"screen-reader-text\">CBDCs and crypto should coexist, not compete \u2014 CoinDCX co-founder<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":51908,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5651],"tags":[139,3544,3812,5652,10,159,97],"class_list":["post-51898","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptonews","tag-bitcoin","tag-bitcoin-news","tag-cryptonews","tag-emilynews","tag-hyip","tag-hyipnews","tag-hyips","exalt-entry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>CBDCs and crypto should coexist, not compete \u2014 CoinDCX co-founder - EmilyNews<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/emilynews.com\/blog\/?p=51898\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CBDCs and crypto should coexist, not compete \u2014 CoinDCX co-founder - EmilyNews\" \/>\n<meta property=\"og:description\" content=\"India\u2019s regulatory position on cryptocurrencies and central bank digital currencies continues to fuel debate, with recent discussions suggesting CBDCs could have an edge over \u201cprivate cryptocurrencies.\u201d In an Oct. 23 X post, Sumit Gupta, the &hellip; 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