System audits are important and cryptocurrency can be a threat to it. This has been a fear of many regulators across the world. This is the same concern former RBI deputy governor Viral Acharya raised during ‘The Future of Banking’ webinar series.
He said this while addressing the question on cryptocurrency. He said, “Going down the path of cryptocurrency might be a mistake, it will fragment some of the information access. System audits are very very important.”
He added further while other forms of payments exist, there is no need for cryptocurrency.