Raghuram Rajan urges caution on central bank digital currencies
The Hindu
Mr. Rajan’s remarks assume significance as the Reserve Bank of India has announced plans to progressively move towards introducing a digital currency.
Former Reserve Bank of India Governor Raghuram Rajan has urged central banks to be cautious about launching their own digital currencies, indicating it could lead to poorer choices for consumers and deter private sector innovations.
“The problem with a central bank digital currency that is not well designed is that it Hoovers up all the data and essentially provides competition to even traditional private sector activity,” Mr. Rajan said on Thursday, at a session on the Future of Capitalism hosted by The University of Chicago Booth School of Business.
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