Indian Politician Advocates for Digital Rupee to Streamline Remittances

BJP national spokesperson Pradeep Bhandari has proposed the development of a rupee-backed digital currency to revolutionize cross-border payments. A government bond-supported Digital Rupee could enhance the Reserve Bank of India's e-rupee pilot, offering a stable, non-speculative instrument for international transactions.

Global adoption of stablecoins is accelerating, with the U.S., UAE, and Bahrain advancing regulatory frameworks. China is also reportedly developing its own digital payment system. India, as the world's largest recipient of remittances, stands to benefit significantly from a blockchain-based Digital Rupee, which could slash transfer costs and processing times for millions of households.

Beyond remittances, Bhandari highlights potential domestic economic advantages, including strengthened government finances through bond-backed digital currency issuance.