India’s government is considering a policy plan for stablecoins in its Economic Survey 2025–2026.
Meanwhile, the Reserve Bank of India (RBI) continues to take a careful stance on cryptocurrency and focuses on developing its own digital currency.
A report from MoneyControl said the Ministry of Finance may include stablecoin guidelines in the upcoming survey, which reviews the economy and offers policy ideas for the next year.
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A government official stated that the ministry will “present its case” for stablecoins in the document.
At an event at the Delhi School of Economics, RBI Governor Sanjay Malhotra explained:
We have a very cautious approach towards crypto because of various concerns that we have. <…> There is a working group which was set up earlier, and they will make a final call as to how, if at all, crypto is to be handled in our country.
Malhotra also responded to comparisons with the United States, where the GENIUS Act on stablecoins passed in June. He said India does not need to act to catch up with the US, as it already has a strong digital payments network.
He pointed to systems such as the Unified Payments Interface (UPI), which enables instant transfers at any time, the National Electronic Funds Transfer (NEFT), which processes payments hourly, and the Real-Time Gross Settlement (RTGS) system, used for larger transactions.
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