'Stablecoins pose systemic risk': RBI warns against digital currencies

Business Dec 12, 2025

The Reserve Bank of India (RBI) is sounding the alarm on stablecoins, saying they could put the economy at risk.
RBI Deputy Governor T Rabi Sankar pointed out that stablecoins don't really add anything new compared to regular money, even as their global popularity soars—especially after new US rules pushed their market value past $300 billion.

Why India is being extra cautious

While countries like Japan and the EU have taken different approaches to stablecoins, India is taking it slow over concerns about financial stability and illegal uses.
Even so, crypto trading keeps growing here, especially in smaller cities.
Instead of stablecoins, the RBI is pushing for its own digital currency—already being tested by millions.