India’s Central Bank Stays Cautious On Crypto As It Reviews Financial Rulebook
India’s central bank is taking a “very cautious” stance on cryptocurrencies and stablecoins, arguing that their volatility and potential to bypass safeguards could threaten financial stability, Reserve Bank of India (RBI) Governor Sanjay Malhotra said.
Malhotra’s remarks, delivered in a memorial lecture at Delhi School of Economics, come as India’s government weighs whether to introduce a formal stablecoin framework even while the RBI has repeatedly flagged risks and pushed its own central bank digital currency as a safer alternative.
He said new financial products such as stablecoins, cryptoassets and buy-now-pay-later schemes are testing the boundaries of what should fall within regulation, requiring authorities to…
