RBI warns of crypto ‘dollarization’ of Indian economy
Cointelegraph
Published May 17, 2022 02:03AM ET
Updated May 17, 2022 03:40AM ET
Officials from the Reserve Bank of India (RBI) have reportedly sounded the alarm bells again over crypto adoption, which they claim will ultimately lead to the “dollarization” of the local economy.
According to a Monday report from the Indian branch of the Economic Times — which cited unnamed sources — the RBI’s concerns are focused on U.S. dollar-dominated cryptocurrencies taking away market share from the Indian rupee.
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Written By: Cointelegraph
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