RBI Governor Sanjay Malhotra cautions against mainstream cryptocurrencies in India
India's central bank isn't jumping on the cryptocurrency bandwagon just yet.
RBI Governor Sanjay Malhotra shared that while India likes the tech behind cryptocurrencies, like distributed ledger and tokenization, the country is cautious about letting them go mainstream.
The big worry? Cryptocurrencies could mess with India's control over money and how cash moves in and out of the country.
RBI flags CBDCs for cross-border use
Malhotra pointed out that India's payment systems are already strong, and he said CBDCs can be explored for making cross-border payments smoother.
He also touched on global trends, saying rising public debt and bond yields are partly due to heavy spending on AI projects worldwide.
For now, RBI is keeping its focus on stable growth at home, even as global interest rates shift around.