Sankar cautioned that while stablecoins have gained momentum, particularly after US legislation legitimised dollar-pegged tokens. (Representational Image Source: Pexels) Show Quick Read Summary is AI Generated. Newsroom Reviewed

Reserve Bank of India’s (RBI) Deputy Governor T Rabi Sankar has warned that stablecoins pose major macroeconomic risks and rejected claims of their utility. He asserted they “do not serve any purpose fiat money cannot,” according to Reuters .

In a speech in Mumbai, Sankar cautioned that while stablecoins have gained momentum, particularly after US legislation legitimised dollar-pegged tokens with a combined market cap surpassing $300 billion, a cautious stance remains essential in India.

On Stablecoins

“Stablecoins do not serve any purpose fiat money can

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