‘Cryptocurrency is huge risk so we are…’: RBI governor back India’s own digital currency

Reserve Bank of India Governor Sanjay Malhotra expressed significant caution regarding cryptocurrencies and stablecoins, citing immense risks. While the RBI champions government-backed digital innovations like UPI, it remains wary of private digital assets. The final decision on crypto regulation rests with the government, with a working group to advise. This stance has already impacted official crypto trading in India.