RBI Governor Cautions Against Cryptos, Backs India’s Own Digital Currency

RBI Governor Sanjay Malhotra reiterated a highly cautious stance on cryptocurrencies, saying stablecoins and cryptos present “huge risk” for financial stability. He emphasized support for India’s own central bank digital currency (CBDC), tying it to sovereign control over monetary flows. The remarks reflect continued regulatory wariness, even as global crypto adoption gains pace and India debates how deeply to regulate or integrate these assets into its financial system.