Скачать или смотреть RBI : Crypto Is Not Currency | RBI’s Master Stroke E-Rupee Will Kill Dollarization!

The Reserve Bank of India (RBI) views cryptocurrency not as a currency, but rather as *"just a piece of code,"* serving as an institutional warning against future monetary policy risks. The RBI argues that currency requires three non-negotiable pillars—sovereign backing, liability, and universal acceptability—which crypto lacks because it has no issuer, no intrinsic value, and is *no one's liability**. Currency must run on **trust* and be protected by a sovereign guarantee in times of crisis, while code runs only on logic.

The RBI is particularly opposed to dollar-pegged *stablecoins* (like UST and USDC), viewing them as an attempt to breach India's *economic sovereignty* through the risk of Currency Substitution or *Dollarization**. If the populace uses stablecoins extensively, it would lead to the **end of monetary sovereignty* and render the RBI’s monetary policies **ineffective**, subjecting the Indian economy to the policies of the American Federal Reserve.

In response, the RBI launched the E-rupee (CBDC), its *"master stroke,"* representing an approach of "Innovation with Responsibility". The difference between the E-rupee and private crypto is likened to the difference **between the Constitution and a mob**. The E-rupee is fundamentally **Sovereign Debt**, guaranteed by the government, ensuring the digital economy is based on secure, regulated infrastructure, thereby prioritizing economic stability over speculation.


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