Stablecoin threat creates CBDC’s need: RBI dy guv

Reserve Bank of India ( RBI) deputy governor T Rabi Sankar has said that stablecoins — cryptocurrencies pegged to stable assets like dollar or gold — are a bigger threat than crypto as it increases the risk of dollarisation. Until two years ago the RBI, like most central banks, was in a wait-and-watch mode with respect to central bank digital currency (CBDC), but things changed with the advent of stablecoins.

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