India's central bank deputy governor: stablecoins will increase the risk of dollarization
2025-12-12 10:07:44
The deputy governor of the Reserve Bank of India said in public remarks that stablecoins could exacerbate the risk of local currency dollarisation, weaken emerging economies' ability to regulate capital flows and pose a threat to monetary policy independence. In addition, their circulation could push up the cost of credit, triggering a currency substitution effect. Foreign stablecoins could lead to the loss of seigniorage revenue in many countries.
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