State‑tied digital bank runs

A rapidly scaled digital lender with deep political ties and concentrated retail adoption can become a single point of failure: when regulator oversight is compromised and insider lending hides losses, deposits (including public pension and state funds) can be frozen, triggering mass runs, bank‑to‑bank contagion, and political collapse. — Shows how digital financial concentration plus state entanglement creates both systemic financial risk and acute political instability in emerging markets — a model that other countries should watch for and regulate against.