On June 28, the central bank published an article in which it spoke about the threats of stablecoins. In their opinion, digital currencies backed by fiat money weaken the attractiveness of cash and can be dangerous for financial stability.

The report says that criminal gangs tend to use stablecoins because they are beyond the control of regulatory authorities. 

The most suitable replacement for such tokens are digital currencies of central banks (CBDC). They are issued by financial authorities that have the ability to control the flow of digital money, analysts at the Reserve Bank of India stressed.