The Indian government intends to publish a crypto discussion paper by July, centering on stablecoins. The aim is to investigate how stablecoins could make remittances more efficient.
Stablecoins like USDT and USDC comprise over 240 billion USD, about 7% of the crypto market. Their adoption in India is viewed favorably for enhancing remittance savings.
While the Reserve Bank of India remains cautious about the risks posed by stablecoins, the Securities and Exchange Board of India is open to alternative regulatory approaches, indicating a shift towards structured regulations.
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