Overview
- T Rabi Sankar said private cryptocurrencies lack intrinsic value, calling them just code rather than money or financial assets.
- He argued stablecoins fail core attributes of modern money and pose risks including currency substitution, weaker policy transmission, and strains on banks.
- The remarks highlight a policy divergence from recent U.S. moves that legitimised dollar‑pegged stablecoins, a market reported above $300 billion.
- Sankar promoted central bank digital currencies as a superior alternative, noting India’s retail and wholesale pilots with roughly seven million users.
- India maintains heavy taxation and AML registration for crypto activity, while a decision on prohibiting trading remains under review after stakeholder consultations.