🇮🇳 India is vigorously pushing towards central bank digital currencies (CBDCs)
In the financial stability report for December, the Reserve Bank of India urged countries to prioritize the launch and adoption of central bank-issued digital currencies (CBDCs) instead of relying on private stablecoins.
The reason? According to the report, CBDCs help protect the integrity of financial systems, enhance monetary sovereignty, and reduce risks associated with private entities such as loss of transparency or influence on monetary policy.
This stance reflects a rapidly accelerating global trend, where central banks see the future of digital money as needing to be regulated, supervised, and under the umbrella of the state, in contrast to the growing influence of stablecoins in cross-border payments.
The open question now:
Will it be possible to strike a balance between the innovation led by stablecoins and the stability promised by CBDCs?
