Only three CBDCs have been successfully launched around the world so far, in Nigeria, the Bahamas and Jamaica, although many jurisdictions are considering it.
The Reserve Bank of India has urged countries to focus on central bank digital currencies over privately-issued stablecoins, citing concerns about financial stability.
In its December financial stability report, released on Wednesday, the RBI argued that CBDCs preserve the “singleness of money and the integrity of the financial system,” and should remain as the “ultimate settlement asset” and the “anchor for trust in money.”
The RBI also argues that introducing stablecoins can create new channels for financial stability risks, particularly during periods of market stress, and that it’s “vital that jurisdictions carefully assess the attendant risks and determine policy responses appropriate to its financial system.”
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