WHY RBI DOES NOT WANT YOU TO HAVE STABLECOINS

RYPTOCURRENCIES and related assets, such as stablecoins, pose a threat to the financial system.

- RAJAS KELKAR

Central banks worldwide think so and fear losing control over the global financial system if governments allow easy access to them. Over the past couple of months, the Reserve Bank of India has emphasised that even stablecoins, considered a bridge between crypto and the reliability of traditional currency, are a risk. In separate addresses at conferences, RBI governor Sanjay Malhotra and deputy governor T Rabi Sankar spoke in detail on these issues. The government must decide whether to regulate the use of cryptocurrencies and related assets. It is a policy decision that could eventually determine our ability to access crypto assets freely. RBI is vehemently opposing it.