RBI Governor Advocates for Global CBDC Adoption Over Stablecoins
Reserve Bank of India Governor Sanjay Malhotra has called for a coordinated shift toward Central Bank Digital Currencies (CBDCs) during the World Bank-IMF annual meeting in Washington. The push targets cross-border payment efficiency, positioning CBDCs as superior to stablecoins due to their fiat-backed stability and monetary integrity.
Malhotra emphasized that CBDCs preserve the "singleness of money" while offering transactional benefits akin to stablecoins. "Domestic systems are already optimized—India doesn’t need CBDCs for local payments," he noted, underscoring the technology’s primary utility for international settlements. The governor’s appeal hinges on multilateral adoption: "Unless other jurisdictions join, cross-border advantages remain theoretical."
