Sumit Gupta, co-founder and CEO of CoinDCX, emphasizes the importance of both central bank digital currencies (CBDCs) and private cryptocurrencies, arguing they serve distinct purposes. He views attempts to categorize CBDCs as competitors to cryptocurrencies like Bitcoin as misguided. Gupta advocates for a balanced regulatory approach in India, suggesting that while CBDCs can enhance monetary policy, fostering innovation within the crypto sector is equally crucial. He cites the potential regulatory stifling of India’s vibrant Web3 ecosystem if private cryptocurrencies are banned. Concerns about CBDCs encroaching on personal sovereignty are highlighted by Jack Booth, co-founder of TON Society, who warns that they could exacerbate public distrust in government. Despite the debate on regulating cryptocurrencies in India, Gupta stresses the necessity of compliance and a fair regulatory landscape to support the country's digital economy.

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