If you follow financial news, you’ve likely seen the buzz surrounding "stablecoins" and the "Digital Rupee." To the casual observer, they might seem like the same thing, digital tokens that live on a phone. In a recent keynote address, RBI Deputy Governor Shri T. Rabi Sankar laid out a compelling case for why India is leaning into its own Central Bank Digital Currency (CBDC) while remaining deeply sceptical of stablecoins. Here is a breakdown of why this choice matters for th