In September 2025, BJP spokesperson Pradeep Bhandari suggested creating a new kind of digital money called an Indian rupee-backed stablecoin. This coin would be fully supported by Government of India bonds, meaning every digital coin would have real government value behind it.

The goal of this plan is to make digital payments safe, clear, and trustworthy, not for trading or making quick profits. This idea gives new energy to India’s growing interest in stablecoins and digital currencies.

Bhandari explained that this digital rupee stablecoin could exist alongside the RBI’s e-rupee, which is already being tested by the Reserve Bank of India. The e-rupee is made and controlled by the central bank, while the proposed stablecoin would work on a public blockchain and be backed by government bonds.

Sandeep Nailwal, the CEO of Polygon, said he is “100% sure” that India will launch an INR stablecoin within three months. He believes this will make digital money safer and easier to use for people across India.