Former RBI governor Raghuram Rajan joins Ripple advisory board

Ripple, the provider of digital asset infrastructure for financial institutions, announced on Monday that former governor of Reserve Bank of India (RBI) Raghuram Rajan will join its advisory board.

The announcement came as the blockchain service said it will make its much-hyped US dollar stablecoin RLUSD accessible to users from Tuesday.

“Stablecoins could become the backbone of private payments by offering a secure, scalable, and efficient alternative to traditional systems. With its focus on compliance and reliability, RLUSD aims to establish new standards for trust and to play a pivotal role in shaping the future of payments. Joining the advisory board provides me an opportunity to counsel RLUSD as it embarks on its journey in the rapidly evolving financial landscape,” Rajan said in a statement.

Ripple also announced the addition of Kenneth Montgomery, former first vice-president and chief operating officer of the Federal Reserve Bank of Boston, to its advisory board for RLUSD.

Rajan and Montgomery will “provide strategic guidance on regulatory, financial, and operational aspects” to support the RLUSD’s stability and growth.

A few years back, Rajan had maintained an unfavorable stance on cryptocurrencies. In 2022, he said only a small group of people believed that cryptocurrencies were more stable than fiat currencies (legal tender issued by governments) and that central bankers cannot be trusted.

After crypto prices crashed last year, Rajan again stressed the need to focus on the technology’s “true value” instead of speculation. He pointed out that fiat currencies still hold more credibility than crypto.