CBDC and cryptocurrencies should coexist, not compete vs CBDC will exacerbate existing problems

The co-founder of Indian cryptocurrency exchange CoinDCX has stated that he believes cryptocurrencies and central bank digital currencies (CBDCs) are not in competition with each other.
CoinDCX co-founder and CEO Sumit Gupta
On the 23rd of last month, Gupta posted on X (formerly Twitter) a post about India's CBDC and private
He shared his insights on the inter-cryptocurrency approach and stressed the need for balanced regulation. He said, "CBDCs and cryptocurrencies like Bitcoin have different objectives and are competing targets.
Rather, they complement each other," he said, adding that "by leveraging developments in the cryptocurrency field, we can improve the efficiency, security, and inclusiveness of CBDC and make it more suitable for practical applications."
But some remain skeptical. In a recent interview with Cointelegraph,
Society co-founder Jack Booth
Booth said CBDCs pose the greatest threat to sovereignty, and public trust in government has fallen to an all-time low.
"Public trust in government, especially in the Western world, is at an all-time low. With CBDC, unelected bureaucrats would have complete control over your money," he said.
"This will exacerbate the existing problems for which Bitcoin was developed years ago."