RBI governor guarded on crypto, says India has digital rails for payments

New Delhi: India will maintain a guarded stance on cryptocurrencies and stablecoins even as it accelerates support for homegrown digital payment systems such as UPI, NEFT and the digital rupee, Reserve Bank of India (RBI) governor Sanjay Malhotra said on Thursday. The approach, he said, reflects the central bank’s view that India’s existing digital rails already address the gaps in payments that advanced economies are now looking to bridge with new crypto rules.

Speaking at the Delhi School of Economics, Malhotra said: “Our country is different from the US in the sense that we have a very sound system of payments.