Cryptos, as the RBI Governor calls them, are akin to gambling as there is no underlying value in it. Cryptos could not be called currency or asset or a financial product. He calls for a ban on cryptos.

To counter the cryptos, the RBI has introduced its own CBDC.

The value of cryptos depends on make believe amounting to speculation. Bluntly speaking, it is gambling. Since gambling is illegal, what is the need to regulate it?

CBDC is the future of money. Adoption of CBDC will spare the logistic and material costs.