India Draws a Hard Line on Stablecoins.
RBI Deputy Governor T. Rabi Sankar has firmly rejected following the U.S. (GENIUS Act) or G7 approach to stablecoins. The concern is clear: dollar-backed stablecoins threaten monetary sovereignty and risk dollarization.
According to the RBI, India’s existing payment infrastructure—UPI and RTGS—is already highly efficient. Instead of stablecoins, the focus will remain on promoting a central bank–controlled Digital Rupee (CBDC).
The world’s fifth-largest economy is saying no to stablecoins.
That signal is loud and clear.
But innovation? That cannot be stopped.
