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

India’s government is considering adopting a stablecoin regulatory framework while the Reserve Bank of India urges a "cautious" approach.

The government of India may consider stablecoin regulations in its Economic Survey 2025-2026, while the Reserve Bank of India (RBI) takes a “cautious” approach to crypto and pushes for a central bank digital currency (CBDC), revealing a divergence in policy recommendations. 

The government will “present its case” for stablecoins in the annual report published by India’s Ministry of Finance, which outlines key policy recommendations and the state of the economy, business publication MoneyControl reported, citing an official familiar with the matter.

However, the central bank continues to urge a “cautious” approach to stablecoins, according to RBI Governor ​Sanjay Malhotra. Speaking at the Delhi School of Economics on Thursday, he said:

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