India may introduce stablecoin regulations in its Economic Survey 2025–2026, signaling a shift toward more formal oversight of digital assets, according to a report from MoneyControl citing a government official.
The Ministry of Finance is expected to “present its case” for a regulatory framework in the annual survey, which outlines key policy recommendations and provides an assessment of the country’s economic conditions.
This approach contrasts with the position of the Reserve Bank of India (RBI), which continues to urge caution on both stablecoins and broader crypto activity.
RBI maintains cautious approach, prioritizes CBDC
RBI Governor Sanjay Malhotra, speaking at the Delhi School of Economics on Thursday, reiterated the central bank’s concerns about crypto and emphasized that final decisions rest with the government.
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 pushed back on the idea that India must respond to recent stablecoin legislation in the United States such as the GENIUS bill passed in June arguing that India already operates a strong domestic payments ecosystem.
He cited the Unified Payments Interface (UPI), the National Electronic Funds Transfer (NEFT) system, and Real-Time Gross Settlement (RTGS) as examples of robust, round-the-clock infrastructure that reduces the need for foreign stablecoin models.
Regulation would mark major shift from India’s past stance
A move to formally regulate stablecoins or broader crypto activity would represent a significant change from India’s historically restrictive posture toward digital assets. Such a step could legitimize the sector in the world’s most populous country, potentially boosting local adoption and supporting market activity.
Officials continue skepticism of “unbacked” crypto
Despite the government’s evolving stance, senior officials remain doubtful of cryptocurrencies that lack sovereign support or underlying assets.
In October, Piyush Goyal, India’s minister of commerce and industry, said the government neither encourages nor discourages crypto but questioned its value as an asset class. Many tokens, he argued, do not have inherent backing.