Reserve Bank of India urges global shift to CBDCs over stablecoins in latest stability report
On December 31 2025, the Reserve Bank of India used its Financial Stability Report to warn that risks from stablecoins to macrofinancial stability exceed their benefits and to strongly advocate for central bank digital currencies instead. India has been piloting its own digital rupee since December 2022, while maintaining strict tax rules on crypto and refusing to recognize private coins as legal tender. The report also outlined expectations for lower gross bad loans in banks by March 2027 and highlighted rising stress among non-banking financial companies under various stress-test scenarios.