Overview
- The RBI reiterated on Saturday, October 3, 2026, that it remains cautious about privately issued cryptocurrencies because of risks to monetary sovereignty, monetary policy transmission, and capital flows in emerging markets.
- Malhotra said the central bank is actively promoting and using distributed ledger technology and tokenisation inside the RBI and in public‑private partnership projects to improve financial infrastructure.
- The governor identified cross‑border payments as the principal problem for new payment technologies and said central bank digital currencies and other controlled solutions can be explored to reduce frictions.
- He linked the recent hardening of global bond yields to stronger government spending and higher private investment, including AI‑led projects, and said those global funding pressures affect India’s real interest rates and are being factored into RBI policy choices.
- The comments reflect a policy stance that supports fintech innovation that preserves the 'singleness of money' and financial stability while rejecting private crypto as a substitute for central‑bank money.