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India's RBI Rejects G7 Stablecoin Framework, Prioritizes Currency Sovereignty

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India's RBI has rejected the G7 stablecoin regulation framework, including the U.S. 'GENIUS Act,' citing risks to monetary sovereignty. Deputy Governor T. Rabi Sankar warned that dollar-pegged stablecoins could lead to dollarization and weaken domestic policy. The central bank stressed that India’s existing digital payment systems (UPI, RTGS, NEFT) make private stablecoins unnecessary. It will continue advancing its e-rupee CBDC pilot as the preferred compliance framework for blockchain use. While the Ministry of Finance may explore a stablecoin regulation model, the RBI remains focused on domestic priorities.
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