RBI officials reportedly slammed crypto again at a Parliamentary Standing Committee on Finance this week, arguing that the use of digital assets could lead to “dollarization” of the economy and work against India’s “sovereign interest.'
Officials from the Reserve Bank of India have reportedly sounded the alarm bells again over crypto adoption which they claim will ultimately lead to the “dollarization” of the local economy.
"Almost all cryptocurrencies are dollar-denominated and issued by foreign private entities, it may eventually lead to dollarization of a part of our economy which will be against the country's sovereign interest." The RBI was said to have been particularly irked by the notion of crypto being used in cross-border transfers instead of the rupee. While the common anti-crypto tropes of terror financing, money laundering, and drug trafficking, were also highlighted again.Coinbase CEO Brian Armstrong
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