The Reserve Bank of India (RBI) has made it clear that it will not replicate the U.S. 'GENIUS Act' or the G7 model for stablecoin regulation. RBI Deputy Governor T. Rabi Sankar stated that stablecoins, especially those pegged to the U.S. dollar, pose inherent risks to India's monetary sovereignty and financial stability. They could lead to currency substitution and 'dollarization,' weakening the transmission of monetary policy. RBI believes that India's existing payment systems like UPI, RTGS, and NEFT are already highly efficient, making stablecoins 'unnecessary.' The RBI emphasized that it will prioritize the development of a fully controlled central bank digital currency (CBDC), the digital rupee, over private stablecoins. (financefeeds) https://www.(wublock123.com)/index.php?m=content&c=index&a=show&catid=6&id=53545