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Digital Rupee backed by Bitcoin?

By May 14, 2021May 20th, 20212 minute read

CNBC-TV18 in conversation with Anthony Pompliano

Bitcoin has outperformed various other asset classes without a doubt. However, certain sections of society may not be very comfortable with the surge in Bitcoin trading or the idea of digital currency as a whole. Probably, this could be because of the decentralized structure or lack of control. 

Historically, Central Banks in most countries have had a monopoly on monetary policy. These banks determine the volume of currency and its attributes like interest rates. But today, citizens are choosing a much more transparent programmatic monetary policy.

In episode three of ’Digital Assets Of The Future – Crypto’, our speaker, Anthony Pompliano has briefly, yet firmly put forward his views about how digital currencies are the future. With forward-thinking, India can definitely be a leader in this space. 

In this episode, you can get answers to questions like:

  • How are Bitcoins acknowledged across the globe?
  • Over time, how will digital currencies and fiat currencies co-exist? In particular, how can the Indian Rupee and digital currency co-exist?
  • Will CBDC (Central Bank Digital Currency) be backed by Bitcoin?
  • How does the timeline look for CBDCs’?
  • What is Crypto? Is it a currency, asset class, or commodity? What value does it hold?
  • Bitcoin, Gold, or Cash? Which one is winning the race? Why are inflation hedge assets preferred?
  • What can India do for its Crypto investors?
  • As the Central Banks are skeptical about accepting digital currencies because they might destabilize or undermine their control on the country’s economy/currency, what can be the best foot forward?

To get the concept of digital currency ratified by all, the need of the hour is forward-thinking

innovative people who are in positions of power and influence. These folks, who can put their views forward about Bitcoin/digital currency and the decentralized open protocol, will have to make the first move.

It’s a known fact that this concept of digital currency is backed by solid code. That means, when the time comes, Central Banks will only have to make some decisions at that monetary

policy layer. At the technology layer, there will be no competition! Watch on to understand better. 

PS: Bitcoin has the advantage of gold and the convenience of a digital currency!

Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
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