The RBI continues to support a ban on stablecoins, cryptocurrencies specifically designed to maintain a steady exchange rate with fiat currencies, making them less susceptible to extreme volatility
According to documents recently reviewed by Reuters, the Securities and Exchange Board of India (SEBI) has suggested that multiple regulators oversee cryptocurrency trading in the country. This approach differs significantly from the Reserve Bank of India (RBI) stance, which has expressed concerns that private digital currencies pose a macroeconomic risk.
These documents recommend the establishment of a dedicated division within India’s financial authorities to handle regulatory oversight. Additionally, the Reserve Bank of India reiterated its position that digital currencies present a macroeconomic risk. Reuters reports that government officials have submitted these documents to a panel advising the country's finance ministry on policy matters.