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India's RBI Deputy Governor Warns Stablecoins May Heighten Dollarization Risks

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On December 12, India's Reserve Bank of India (RBI) deputy governor warned that stablecoins may heighten dollarization risks and complicate efforts around Countering the Financing of Terrorism. The increased use of such assets could weaken monetary policy independence and disrupt liquidity in crypto markets. Risks include rising credit costs and currency substitution, which might erode national seigniorage revenue.
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