The Reserve Bank of India reiterates that the risks of stablecoins outweigh their benefits and advocates prioritizing the development of CBDC.
Foresight News reported, according to Reuters, that the Reserve Bank of India (RBI) reiterated its concerns about the global adoption of stablecoins in its latest Financial Stability Report, stating that the risks stablecoins pose to macro-financial stability have outweighed their so-called benefits. The RBI maintains a cautious stance towards crypto assets, including stablecoins, and "strongly advocates" that countries should prioritize the development of central bank digital currencies (CBDCs) over privately issued stablecoins in order to safeguard financial stability and uphold the trust foundation of currency.
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