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CoinDCX co-founder Sumit Gupta shared his views on India’s CBDC (Central Bank Digital Currency) and cryptocurrencies regulations, stating that these two financial instruments should exist in harmony rather than in competition. Gupta emphasized that CBDCs are centrally managed and can be controlled by the state to more effectively implement economic policies such as inflation and liquidity management, while cryptocurrencies such as Bitcoin have a more independent structure.
Gupta’s social media post received mixed reactions in the crypto community. Some users expressed concerns that CBDCs are similar to traditional “inflationary” fiat currencies and could restrict freedom. For example, TON Society co-founder Jack Booth argued that CBDCs could lead to states gaining greater control over individuals’ financial sovereignty.
While India is reviewing its thoughts on banning cryptocurrencies, Gupta believes the country is open to Web3 and blockchain innovations. Stating that India has significant potential in this area with approximately 75,000 Web3 experts and more than 450 Web3 startups, Gupta argued that such a ban would negatively affect entrepreneurship and the development of blockchain technology.
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Stating that India’s regulatory approach should proceed with balance, Gupta stated that high tax rates direct users to overseas platforms and that regulations in this regard should be reviewed. He also noted that compliance and monitoring processes have been developed in India through regulations for the prevention of money laundering (PMLA).
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