Reserve Bank of India Governor Sanjay Malhotra said cryptocurrencies and stablecoins carry “huge risk” and reaffirmed the central bank’s cautious approach. Speaking at the Delhi School of Economics, he emphasised that India prioritises a sovereign digital rupee over private crypto assets. Malhotra also praised India’s digital-payments infrastructure (like UPI) and reiterated the RBI’s support for digital innovation — but under strict regulatory guardrails.