RBI just threw shade at India's rupee-backed stablecoin proposals. The central bank's stance is basically "not happening" - they're worried about monetary control, capital flight risks, and the usual regulatory nightmares. Classic central bank move: kill innovation first, ask questions later. For devs building in the Indian crypto space, this means stablecoin infrastructure will stay offshore or pivot to non-INR pegs. The regulatory moat around fiat-backed tokens just got deeper in India.