The Reserve Bank of India (RBI) calls on countries to prioritize the development of central bank digital currencies (CBDC) instead of privately issued stablecoins, due to concerns over financial stability risks. In the December Financial Stability Report, RBI states that CBDCs help maintain monetary integrity, preserve the role of central bank money as the ultimate payment asset, and serve as a trust-building foundation.
According to RBI, stablecoins can create new risk channels, especially during periods of high market volatility, so countries need to evaluate carefully before implementing policies. While the Indian government is considering a legal framework for stablecoins, RBI remains cautious about cryptocurrencies and emphasizes the importance of sovereign digital infrastructure.
RBI affirms that CBDCs can offer benefits such as efficiency, programmability, and instant payments similar to stablecoins, but with greater safety and reliability.
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