Stablecoins Risk for Policy Sovereignty: RBI DG
Reserve Bank Deputy Governor T Rabi Sankar highlights the risks of stablecoins for India's policy sovereignty, favoring CBDC and ensuring liquidity for growth.
We are very clear in our mind that stablecoins do not serve a purpose that cannot be done better with CBDC (central bank digital currency), and introducing stablecoins would create a lot of policy concerns and issues that are best avoided.
Sankar assured that the RBI will ensure there is no scarcity of money for productive purposes, stating that "Economic activity will not suffer because of liquidity reasons."
Despite stablecoins being asset-backed, Sankar elaborated on the risks of the instrument, distinguishing them from cryptocurrencies like bitcoin.
Author's summary: RBI warns against stablecoins, favoring CBDC.
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