TechFlow news, December 15 — According to Financefeeds, T. Rabi Sankar, Deputy Governor of the Reserve Bank of India (RBI), clearly stated that India will not adopt the U.S. "GENIUS Act" or other G7 stablecoin regulatory frameworks. The RBI believes that dollar-pegged stablecoins pose a fundamental threat to India's monetary sovereignty, potentially leading to "dollarization" and weakening the effectiveness of domestic monetary policy. The central bank emphasized that India already has efficient digital payment systems (UPI, RTGS, NEFT), making private stablecoins unnecessary, and will continue advancing its central bank digital currency (CBDC) e-rupee pilot program as the preferred avenue for blockchain technology application. While the Ministry of Finance has hinted at possibly considering a stablecoin framework, the RBI remains committed to guiding principles based on domestic priorities.
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