Coins and Tokens: Why they need actual stability, and not just substitute

India doesn’t need rupee stablecoins when it already has the rails, rules and resilience of sovereign digital money. In a trusted monetary system, innovation must strengthen stability — not substitute it, observes Srinath Sridharan, Corporate Advisor & Author of Family and Dhanda.

What really changes when a technology innovation enters finance? Are we solving a new problem, or simply repackaging an old one in better code? Can currency really be reinvented without rethinking the sovereign power behind it?

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