According to Odaily, insiders have revealed that the Reserve Bank of India (RBI) is in favor of a ban on stablecoins. The government panel responsible for formulating India's cryptocurrency policies is expected to finalize its report in June.
The RBI's stance on stablecoins is significant as it could potentially influence the future of cryptocurrency in India. Stablecoins, digital currencies pegged to a stable asset like gold or a fiat currency, have been gaining popularity worldwide due to their stability compared to other cryptocurrencies.
However, the RBI's support for a ban indicates a cautious approach towards this new form of digital currency. The final decision will be based on the report from the government panel, which is expected to be released in June. This report will provide a comprehensive overview of the proposed cryptocurrency policies in India, including the potential ban on stablecoins.
The outcome of this report could have far-reaching implications for the cryptocurrency market in India and potentially influence other countries' policies on stablecoins. As the world continues to navigate the complexities of digital currencies, India's approach will be closely watched by global stakeholders.