PANews reported on December 12th that, according to Zhitong Finance, the Deputy Governor of the Reserve Bank of India stated in a public speech that stablecoins may exacerbate the risk of local currency dollarization, weaken emerging economies' ability to regulate capital flows, and pose a threat to the independence of monetary policy. Furthermore, their circulation could drive up credit costs and trigger a currency substitution effect. Foreign stablecoins could lead to a loss of seigniorage revenue for many countries.