India’s government may consider stablecoin framework, diverging from RBI

The authorities of India whitethorn see stablecoin regulations successful its Economic Survey 2025-2026, portion the Reserve Bank of India (RBI) takes a “cautious” attack to crypto and pushes for a cardinal slope integer currency (CBDC), revealing a divergence successful argumentation recommendations. 

The authorities volition “present its case” for stablecoins successful the yearly study published by India’s Ministry of Finance, which outlines cardinal argumentation recommendations and the authorities of the economy, concern work MoneyControl reported, citing an authoritative acquainted with the matter.

However, the cardinal slope continues to impulse a “cautious” attack to stablecoins, according to RBI Governor ​Sanjay Malhotra. Speaking astatine the Delhi School of Economics connected Thursday, helium said:

“We person a precise cautious attack towards crypto due to the fact that of assorted concerns that we have. Of course, the authorities has to instrumentality a last view. There is simply a moving radical which was acceptable up earlier, and they volition marque a last telephone arsenic to how, if astatine all, crypto is to beryllium handled successful our country.”

RBI Governor ​Sanjay Malhorta speaks astatine the Delhi School of Economics connected Thursday. Source: Business Today

Malhorta dismissed concerns that India needs to respond to stablecoin innovation led by the United States, pursuing the passage of the GENIUS bill successful June, due to the fact that India has a robust home integer payments infrastructure, dissimilar the US.

This includes the Unified Payments Interface (UPI), a 24/7 payments network, the National Electronic Funds Transfer (NEFT), which settles payments hourly and is besides disposable 24/7, and the Real-Time Gross Settlement (RTGS) strategy for ample transactions, Malhorta said.

The Stablecoin marketplace is dominated by dollar-denominated tokens. Source: RWA.XYZ

The authorities of India regulating cryptocurrencies would people a important departure from its long-held anti-crypto stance and would legitimize integer assets successful the world’s astir populous country, spurring crypto adoption and perchance raising plus prices. 

Related: Indian tribunal steps successful implicit WazirX XRP organisation tied to 2024 hack

Officials proceed to formed uncertainty connected “unbacked” cryptocurrencies

In October, Piyush Goyal, India’s curate of commerce and industry, said the authorities neither encourages nor discourages cryptocurrencies, but helium besides cast uncertainty connected crypto arsenic an plus class.

Most cryptocurrencies bash not person sovereign backing oregon underlying assets that springiness them value, Goyal said.

Magazine: India mulls caller crypto prohibition to enactment CBDC, Lazarus Group strikes again: Asia Express