RBI👇

2022- Crypto can ‘hamper’ the country's financial stability.

2023- Crypto can ‘hamper’ the country's financial stability.

2024- Crypto can ‘hamper’ the country's financial stability.

2025- Crypto can ‘hamper’ the country's financial stability.

To an extent, the RBI is right that it cannot allow stablecoins to flourish, as people might start transacting in stablecoins in their daily lives. If that happens, it will lose control over the monetary policy through which it governs the money supply in the market.

INR is the backbone of our sovereignty, and the RBI's concern is justified. However, the RBI can still allow stablecoins in B2B Transactions, Remittances, DeFi protocols, etc.

"But crypto is not only stablecoins."

Crypto has many other use cases. In fact, Bitcoin is now providing financial stability to many nations and public limited companies. The US and many other countries have announced Bitcoin as a strategic reserve asset.

Other Altcoins have their use case, and the future of Decentralised Applications is being made on top of them. Not allowing them is almost like not allowing innovation in the public blockchain space.

RBI should immediately take concrete steps and invite industry players, influencers, and other stakeholders to present the best possible solution for India.

Beareaucrats, Politicians, + entrepreneurs, and Citizens should all come together and discuss the best way for India to progress in crypto without compromising on ultra-important issues like financial stability for our nation!