‘Cryptocurrency is huge risk so we are…’: RBI governor back India’s own digital currency

The Reserve Bank of India (RBI) is maintaining a highly cautious stance toward cryptocurrencies and stablecoins, Governor Sanjay Malhotra said, citing the “huge risk” associated with the assets. Delivering a memorial lecture at the Delhi School of Economics, Malhotra stated, “Stablecoins, cryptos, they have a huge risk, and so we are adopting a very cautious approach towards it.”
The Governor’s remarks come at a time when the global crypto market capitalisation has exceeded $4 trillion and US dollar-backed stablecoins have amassed over $300 billion, news agency Reuters cited data from CoinGecko. India’s chief economic adviser V. Anantha Nageswaran had previously highlighted the rising popularity of dollar stablecoins as a potential challenge for global monetary policy in the coming year.