The deputy chief of India’s central bank took aim at stablecoins during a finance conference in Singapore on Monday, describing them as wholly replaceable by central bank digital currencies (CBDCs).

“There’s no use case that private digital currency can provide that fiat digital currency cannot,” Reserve Bank of India Deputy Governor T. Rabi Sankar told attendees at the Future of Finance Forum, organized by the Bretton Woods Committee and Singapore-headquartered DBS Bank.