Industry leaders say India’s stablecoin policy is stalled by an “ownership crisis” across ministries and agencies, with no single body taking charge. Aishwary Gupta of Polygon reports that departments defer responsibility, leaving a vast Web3 ecosystem idle while the U.S. And regional peers advance clear frameworks.
Gupta estimates India could save 68 billion USD per year by integrating stablecoins into payments. Banks remain hesitant without explicit Reserve Bank of India guidance. Suraj Sharma of Gate.io supports caution, citing risks of capital flight and systemic issues, and calling for rules that distinguish remittances, B2B settlements, and on‑chain FX.
Gupta says 80% to 85% of India’s top crypto talent has already moved overseas. Meanwhile, Singapore and Hong Kong have introduced clear stablecoin regimes, and the United States set guidance in July 2025, putting India at a strategic disadvantage unless it designates an accountable authority and moves swiftly.
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