Especially since crises are frequent in India and holding a large amount of money in rupees can be risky.
“Russian oil producers have found a way out: rupees are being withdrawn from India via the UAE through the purchase of USDT-type stablecoins. And investing hard-earned foreign currency proceeds in an unstable developing economy is not a good idea,” the analyst said.
In early September, the Reserve Bank of India (RBI) announced plans to issue a government-issued digital currency for transactions between legal entities in the demand money market.