RBI deputy governor: Stablecoins are a bigger threat than crypto as it increases the risk of dollarisation

04/08 05:18

According to Times of India, RBI deputy governor T Rabi Sankarhas said that stablecoins are a bigger threat than crypto as it increases the risk of dollarisation. Until two years ago the RBI, like most central banks, was in a wait and watch mode with respect to central bank digital currency (CBDC) but things changed with the advent of stablecoins. now there was no question of whether to go for digital currency, but on how to go about implementing it. Most of the correspondent banks are Western multinationals that play a major role in implementing sanctions. Stablecoins are a much bigger threat in terms of dollarization than in terms of crypto being used for small value or other transactions.

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