R. Gandhi a Deputy Governor of the RBI or Reserve Bank of India last week states about Bitcoin killing the currency on fintech conference. On the other hand, he also told everyone on the conference that there could be a failure on achieving a mass adoption of Bitcoin because the Government is prohibiting digital currency to be used.
Picup or Platform for Innovation and Collaboration with Upcoming and Promising had conference in Mumbai, India last Wednesday consisting of leading bankers, policy makers, technology experts and fintech players for Fintech 2017. The BCG or Boston Consulting Group also shared efforts in collaboration with IBA or Indian Bank's Association, Industry Chamber Ficci and Nasscom IT Industry.
A twenty-minute inaugural address has been addressed by the Deputy Governor on the conference. Half of his speech is more on discussing about the general subject with digital currency and the rest is more on Bitcoin, crowdfunding, fintech and blockchain technology.
The Deputy Governor introduced BTC by explaining the root of Bitcoin and its origin in anarchist philosophy. He then briefly mentioning May, Back, Szabo and Dai about the attempts of the Cyberpunks at stateless digital currency and tweeted :
After his explanation on how Bitcoin originates and how it has been spreading all over, he also discusses the possibility of not getting adopted by the mainstream and he is claiming that BTC will just enjoy its first line of the rounds and circles.
He also iterate that Bitcoin enthusiast might just be limited to them and the confidence in BTC and any other digital currency that is base on blockchain will just be for the people who loves risk.
According to him, initial round is always full of adventurers and risk takers. The time that a lot of people entered into the technology, they will need to have more trust and continuity and that will base on the endorsement of authorities, he added.
The wider public he described as to be uncomfortable on embracing BTC because the authorities have no enough position on the technology. Examples of what he told was grievances and disputes, problem of customers and charge backs and more on the same kind of framework.
He added the following on his speech :
He expressed that there is no authority on these types of digital currencies and also no monetary or central bank authority. He added that the nature of Bitcoin of being anonymous will just frighten them because they pose operational, customer protection, potential financial, legal and security-related risks.
After admitting the possibility that virtual currency like Bitcoin could kill currency, he also stating some ideas on how it will just be an expectations like a pipe dream.
Written on 10 Mar 2017.