He warned the country could otherwise see wider adoption of dollar-backed stablecoins, framing the issue as a policy choice over digital currency rails.
Coinbase CEO argued that India should create a regulated rupee stablecoin or risk ceding usage to dollar-backed stablecoins. The comment points to a broader policy debate over whether countries should support local-currency digital tokens or allow market demand to shift toward privately issued dollar-linked alternatives. Stablecoins are crypto tokens designed to maintain a fixed value, typically by tracking a fiat currency.