India’s central bank may have answered one of the country’s
cryptocurrency industry’s biggest questions. Speaking at a webinar organized by the Vidhi Centre for Legal Policy, a top advocacy group in India, T Rabi Sankar, Deputy Governor, Reserve Bank of India (RBI),
said “private virtual currencies” are at “substantial odds” to the historical concept of money. He questioned the comparison of crypto assets with commodities like gold, saying that cryptos have no “intrinsic value”.
The country’s industry has often asked questions about what the government’s definition of “private cryptocurrencies” is. The term was first heard of when it appeared in the agenda for the Parliament’s Budget session back in February-March. A bill was expected at the time, which would ban the use of private