The Deputy Governor of the Reserve Bank of India (RBI), R. Gandhi, gave a keynote address last week at a fintech conference stating that Bitcoin has value and is eliminating currency. However, he also gave several reasons why digital currencies that are not backed by the government will fail to achieve mass adoption.
Fintech players, leading bankers, technology experts, and policymakers gathered last Wednesday in Mumbai at the conference called Picup (Platform for Innovation and Collaboration with Upcoming and Promising) Fintech 2017. The event was organized by a collaborative effort of IT industry body Nasscom, industry chamber Ficci, Indian Banks’ Association (IBA), and the Boston Consulting Group (BCG).
The Deputy Governor opened the event with a 20-minute inaugural address. He discussed fintech, crowdfunding, blockchain technology and Bitcoin, with the general subject of digital currency taking up the latter half of his speech.
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