India's central bank says CBDCs should be prioritized over stablecoins

The Reserve Bank of India (RBI) has reiterated its position that stablecoins pose a risk to macroeconomic and financial stability, Reuters reported. In its Financial Stability Report, the central bank emphasized that the risks associated with stablecoins outweigh their benefits. The RBI argued that to maintain confidence in currency and preserve financial stability, central bank digital currencies (CBDCs) should be prioritized over stablecoins.