India's Central Bank Flags Risks in CBDC Adoption Amid Financial Instability

India's Central Bank Flags Risks in CBDC Adoption Amid Financial Instability

India's central bank has raised concerns about the potential risks posed by Central Bank Digital Currencies (CBDCs), particularly during financial crises, according to a report from Business Standard. Michael Debabrata Patra, Deputy Governor of the Reserve Bank of India (RBI), cautioned that CBDCs might be mistakenly viewed as "safe havens" during economic turmoil, thereby increasing the likelihood of bank runs. Patra noted that while CBDCs a...

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