Only three CBDCs have been successfully launched around the world so far, in Nigeria, the Bahamas and Jamaica, although many jurisdictions are considering it.
The Reserve Bank of India has urged countries to focus on central bank digital currencies over privately-issued stablecoins, citing concerns about financial stability.
In its December financial stability report, released on Wednesday, the RBI argued that CBDCs preserve the “singleness of money and the integrity of the financial system,” and should remain as the “ultimate settlement asset” and the “anchor for trust in money.”
“The RBI, therefore, strongly advocates that countries should prioritise central bank digital currencies over privately issued stablecoins to maintain trust in money, preserve financial stability and design next generation payments infrastructure that is faster, cheaper and secure.”
