365Crypto
Government Eyes New Framework
India’s government may soon consider a new framework for stablecoins in its next Economic Survey. The plan signals a major shift from years of hesitation around crypto. Stablecoins could become part of the country’s official financial strategy. That alone is enough to raise industry eyebrows.
The Ministry of Finance plans to outline its case in the 2025–2026 report. This survey guides long-term policy and highlights key economic priorities. Including stablecoins in such a document hints at a clear desire to engage instead of avoid. For a nation this large, that shift matters.
RBI Pushes Back
The Reserve Bank of India remains skeptical. RBI Governor Sanjay Malhotra said the bank prefers a cautious path. He noted that a working group is still studying how crypto should fit into India’s system. The final decision lies with the government. Yet the central bank clearly wants the slow lane.
Malhotra also dismissed pressure to match US stablecoin developments. He argued that India already has strong digital payment rails. Systems like UPI, NEFT, and RTGS make transfers fast and reliable. That reduces any urgency to adopt foreign crypto models.
Policy Split Highlights Change
Regulating stablecoins would mark a significant change in India’s stance. The country has spent years criticizing crypto. Approval would legitimize digital assets for over a billion people. Markets would almost certainly react.
Even so, skepticism remains. Commerce Minister Piyush Goyal recently questioned whether crypto counts as a real asset. He argued that most coins lack sovereign backing or tangible value. That old debate continues as India chooses its next move.*
Technical notes: Stablecoin = crypto token pegged to stable value. CBDC = government-issued digital currency. RTGS = system for large real-time transfers.
