Unbacked cryptos have no value, stablecoins risk policy sovereignty: RBI DG

RBI Deputy Governor T. Rabi Sankar has voiced concerns about stablecoins. He believes they could destabilize economies like India and that Central Bank Digital Currencies offer superior functionality. Sankar also asserted that cryptocurrencies lacking backing or an issuer hold no inherent value. These digital assets are not considered financial instruments by the central bank.