New Delhi, Nov. 3 -- As digital money evolves at warp speed, should India allow the regulated use of stablecoins? These digital tokens use the same ledger technology as privately minted crypto coins, but with a key difference: since they are pegged to a country's fiat currency in a ratio of 1:1, they serve as a means of exchange, not investment. India's broad crypto stance is a work-in-progress.

The central bank's 2018 attempt to keep banks off crypto was quashed by the Supreme Court, the Centre's 2022 tax on virtual-asset gains was taken by investors as a prelude to legitimacy, and a high court ruling recently recognized these assets as 'property.'

Yet, crypto's legal status is unclear. On its part, the Reserve Bank of India (RBI) has ...