India’s INR Stablecoin Push Raises a New Dollarization Risk

• India is exploring the introduction of an INR stablecoin, but no launch has been confirmed yet.
• The IMF says that the launch of a local stablecoin could accelerate dollarization.
• As the government takes a cautious approach, it could make the stablecoin launch challenging.

Amid the growing popularity of stablecoins, India is increasingly exploring the launch of a rupee-backed cryptocurrency despite the government’s cautious stance. With this move, the country intends to bring the local currency further into the digital ecosystem. If an INR stablecoin is introduced, it could help the country make faster and easier cross-border payments without relying on foreign stablecoins.

But the question now is different. Could an INR stablecoin make it easier for Indian users to access dollar-backed stablecoins such as USDT and USDC? This question has come into focus following…

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