The Indian government may consider stablecoin regulation in its "2025-2026 Economic Survey," while the Reserve Bank of India (RBI) takes a "cautious" approach to cryptocurrencies and promotes central bank digital currency (CBDC), indicating a divergence in policy recommendations.
According to a report by the business publication MoneyControl, citing an informed official, the government will "state its position on stablecoins" in the annual report released by the Indian Ministry of Finance, which outlines key policy recommendations and economic conditions.
However, RBI Governor Sanjay Malhotra stated that the central bank continues to urge a "cautious" approach to stablecoins. Speaking at the Delhi School of Economics on Thursday, he said:
Malhotra dismissed concerns that India needs to respond to U.S.-led stablecoin innovations, noting that India has a robust domestic digital payment infrastructure, which is different from that of the U.S. The U.S. passed the GENIUS Act in June.
Malhotra mentioned that this includes the Unified Payments Interface (UPI)—a round-the-clock payment network, the National Electronic Funds Transfer (NEFT)—which settles payments hourly and is available 24/7, and the Real-Time Gross Settlement (RTGS) system for large transactions.
Regulating cryptocurrencies in India would mark a significant shift from its long-standing anti-crypto stance and would legalize digital assets in the world's most populous country, stimulating cryptocurrency adoption and potentially driving up asset prices.
In October, India's Minister of Commerce and Industry Piyush Goyal stated that the government neither encourages nor discourages cryptocurrencies, but he also expressed skepticism about cryptocurrencies as an asset class.
Goyal noted that most cryptocurrencies lack sovereign backing or underlying assets that give them value.
Related: How Euro Stablecoins Address EU's Dollar Concerns
Original article: “Indian Government May Consider Stablecoin Framework, RBI Holds Different Stance”
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