Cont: reserve bank of India former governor discusses the monopoly bitcoin could have over CBDCs

• Going off an article we did earlier today, the former governor at the reserve bank of India, Raghuram Rajan set up private cryptocurrencies such as bitcoin and Facebook’s upcoming Libra, could have a future even when CBDCs take over the world.

• During a CNBC podcast, the former governor said that one of these currencies could become problematic if they were to hold a monopoly.

Going off an article we did earlier today, the former governor at the reserve bank of India, Raghuram Rajan set up private cryptocurrencies such as bitcoin and Facebook’s upcoming Libra, could have a future even when CBDCs take over the world.

During a CNBC podcast, the former governor said that one of these currencies could become problematic if they were to hold a monopoly.

But adding to what we said earlier, he does believe that all the other private cryptocurrencies could come into the mix and play different roles and provide strong competition to the current ones in the industry.

“Bitcoin is a bit like gold“ said the former governor. 

The former governor expressed his concerns about banks issuing central-bank digital currencies in the world but did say that banks will be able to obtain a huge amount of information to this new asset class. That being said, there are many people who would prefer to keep that information out of this and would rather not share all their personal payment information to such a new project.

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!