I don't know which world is he living in? People prefer bitcoin primarily because of two reasons, one is that it gives you that edge with anonymity and you are difficult to be in radar of governments around the world if you use Cryptos while the second set of people use it for capital gains they think it's value will always keep on rising, CBDC doesn't offer you any benefit out of these two then why would anyone think that CBDC can wipe out Cryptocurrencies? Comparing bitcoin with UPI is sheer stupidity.
They are still living in the stone age in my opinion. They could have made India the most happening place for blockchain and cryptocurrency but they choose not to do so. In these critical times when you are surrounded by failing countries, they could have taken a step further in boosting the economy by accepting cryptocurrency as a part of the new-age tech revolution and implementing proper regulations as well as taxation systems. Such an attitude was accepted by the banks and their governing body.
To be honest I sometimes feel that the government of India is following the Chinese government. China banned cryptocurrency, and India put in place a stringent law that will eventually destroy the crypto business in India. China started working on CBDC and India started doing the same. Following a country won't solve India's problem.
