Deputy Governor of the Central Bank of India: Central Bank Digital Currency can completely replace stablecoins

ChainCatcher news, India's Deputy Governor T. Rabi Sankar pointed the finger at Stablecoins during a financial conference held in Singapore, stating that they can be completely replaced by central bank digital currencies. Private digital currencies cannot provide use cases that legal tender digital currencies can.

Circle's Chief Strategy Officer and Global Policy Head Dante despte stated that there is no distinction between responsibly issued private sector currencies or digital currencies and public currencies. Public blockchain infrastructure is an improvement over the financial market infrastructure that existed before 2008, which was closed, proprietary, and fundamentally fragile. Therefore, it is a mistake to categorize the only trusted type of currency as publicly issued currency. Among all the appreciating currencies currently in global circulation, 95% are privately issued, whether domestic, cross-border, or global. (source link)