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Indian Central Bank Rejects G7 Stablecoin Regulatory Model, Upholds Monetary Sovereignty
Summary: According to Financefeeds, Deputy Governor of the Reserve Bank of India (RBI) T. Rabi Sankar has explicitly stated that India will not adopt the US 'GENIUS Act' or other G7 stablecoin regulatory frameworks. RBI believes that USD-backed stablecoins pose a fundamental threat to India's monetary sovereignty, potentially leading to 'dollarization' and weakening the effectiveness of ...
According to Financefeeds, Deputy Governor of the Reserve Bank of India (RBI) T. Rabi Sankar has explicitly stated that India will not adopt the US 'GENIUS Act' or other G7 stablecoin regulatory frameworks. RBI believes that USD-backed stablecoins pose a fundamental threat to India's monetary sovereignty, potentially leading to 'dollarization' and weakening the effectiveness of domestic monetary policy. The Indian central bank emphasizes that the country already has efficient digital payment systems (UPI, RTGS, NEFT) and does not need private stablecoins. It will continue to advance its own central bank digital currency (CBDC) electronic rupee pilot project as the preferred direction for blockchain technology applications. Despite hints from the finance ministry about considering stablecoin frameworks, RBI remains committed to prioritizing domestic concerns.
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Link: Indian Central Bank Rejects G7 Stablecoin Regulatory Model, Upholds Monetary Sovereignty [Copy]
