Decentralized Indian Rupee: Stable Cryptocurrency for Indian Economy

Abstract — Cryptocurrencies are being widely adopted by government and non-government organizations. A barrier that still exists to the widespread adoption is the high volatility of the cryptocurrencies. Stablecoins provide a solution for the high volatility of cryptocurrencies by providing price stability. There are two types of stablecoins, collateralized stablecoins and non-collateralized stablecoins. Collateralized stablecoins make use of other physical and digital assets to back up the cryptocurrency. Non-collateralized stablecoins make use of algorithms to deal with the price fluctuations. This paper introduces a non-collateralized stablecoin which will be pegged to the price of an Indian Rupee