RBI Governor: India cautious on crypto, backs DLT and tokenisation

RBI Governor Sanjay Malhotra said India promotes distributed ledger technology and tokenisation while staying cautious on cryptocurrencies over risks to monetary sovereignty, monetary policy and capital flows. He suggested CBDCs as a possible solution for cross-border payments.

• RBI backs DLT and tokenisation, using them in the central bank and via PPP
• Crypto caution stems from 'singleness of money' and capital flow risks
• Malhotra floated CBDC-based solutions for cross-border payments
• He linked rising debt and bond yields partly to AI-driven spending