India’s central bank has renewed its warning against crypto assets at the Kautilya Economic Conclave in New Delhi. Governor Sanjay Malhotra highlighted the risks that cryptos pose for monetary sovereignty, monetary policy and capital flows. The RBI nonetheless remains supportive of distributed ledger technology and tokenization. Regarding payments, Malhotra stated that India already has adequate infrastructure for domestic payments, and that central bank digital currencies and regulated payment systems are alternatives to cryptos for cross-border payments. According to government documents reviewed by Reuters, the RBI would lean towards a complete prohibition of cryptos.
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