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India’s central bank raises concerns about stablecoins’ effects on the Indian rupee
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India saw all kinds of FUD over the past month, as plans to ban private cryptocurrencies were speculated upon. Even as the parliamentary discussion on the proposed cryptocurrency bill has reportedly been put on hold, the country’s central bank has continued its crusade against the digital asset industry.
The Reserve Bank of India recently raised fresh concerns regarding the crypto space. Well, this time aiming its skepticism toward stablecoins. The Central Bank is of the belief that stablecoins pegged to the U.S. Dollar or other foreign national currencies could undermine the Indian Rupee, according to the reports by local media.
Reportedly, these concerns have also been expressed to the government over the course of several meetings. RBI’s
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