Why India wants to have CBDC soon but not Crypto?

We are in the 21st century and this is the era when we are going to witness lot of digital transformation and revolution backed by high-and end technology. This will not be limited to the selected industries but also this revolution is making things way more smarter in the money segment. Now making a payment is a very easy task for us that hardly takes a minute time and it is expected that in coming years this is going to be even easier and faster. Payment through crypto is surely an easier way but now with Fiat also we get similar options where payment can be made in a few seconds through the digital medium. Every country has got its Fiat currency and the only medium as of now they can follow is to use the banking system to receive or send the money else the other option is to only use the physical currency.

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Now with CBDC which is called central bank digital currency is a way that can give a boost to the digital economy. This is a digital form of the Fiat currency that we can use online for sending or receiving payments. The value will remain the same as Fiat currency so there will never be any difference in the value.

India is one of the countries that is also working on CDBC and they are planning to launch it soon. This sounds different but that is the truth and even this has been announced a few times by the authorities that the government is already working on this model which should be available soon for the people. This is strange that India is trying to lead the segment here and they believe that the digital economy is the future but at the same time they are not supporting or encouraging the crypto segment which is also a digital revolution. It's really difficult to understand the reasons behind these and why the government is not trying to encourage crypto because this is one of the revolutions which can empower the economy and give a boost to employment as well.

Nothing can be completely good and everything comes with some pros and cons so crypto also has these aspects but that does not mean it is a risk for the economy. Many countries have already cleared their stand that they are going to follow the positive path for crypto and some of them are still working to clear their stand. It seems that India is not trying to lead in crypto and this is not good news for the Indian crypto community if this is true. Looking at the current scenario it seems like the government is least interested in crypto and This is why they are creating a kind of atmosphere which is not support you and encourages crypto projects and enthusiasts.

It's really difficult to understand that a country that is trying to lead the segment in the digital economy is against crypto and blockchain. Everyone in the crypto and blockchain segment knows that this is a highly advanced form of technology and it is capable of running things on a scale so if proper attention is given by the country then it can surely empower many segments and bring more transparency to the in the government mechanism.

CDBC is very good and I believe that this is going to help a lot of people who want to have a digital version of the Fiat currency in India simultaneously it is also going to help the government to reduce many unnecessary expenses and reduce logistics challenges. But it is centralized and that is something that gives complete control in the hands of the government whereas with crypto things are not decent lies and possibly this is one of the reasons why the government is not trying to boost the crypto sector.

Thank you.