T. Rabi Sankar, Deputy Governor of the Reserve Bank of India, suggested that digital currency usage worldwide should be ‘restricted’ to fiat money, arguing in favor of central bank digital currencies (CBDCs). He also promoted the idea of diversifying away from the major reserve currencies, talking on Thursday at the launch of the latest G20 Techsprint hackathon. India currently holds the rotating G20 Presidency.
Speaking at the launch of the G20 Techsprint 2023, Mr. Sankar discussed some of the challenges and opportunities facing cross-border payments and foreign exchange (Forex) markets, which will play significant roles in this year’s edition.
The Deputy Governor warned of the severe risks posed by illicit payments to the integrity of the financial system, aiming mainly at private virtual currencies. He noted that the advances in the fields of AML/CTF could be lost if payments shifted toward cryptocurrencies.
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