India's Reserve Bank Governor Sanjay Malhotra has reiterated the country's focus on promoting central bank digital currency (CBDC) over private cryptocurrencies. As of March 2025, India's CBDC circulation has reached ₹10.16 billion, indicating a strong institutional shift towards state-backed digital currencies. Deputy Governor T. Rabi Sankar emphasized the potential of CBDCs in enhancing cross-border transactions and enabling programmable financial applications. This regulatory emphasis on CBDCs presents challenges for the growth of decentralized finance in India.