India Explores Stablecoin Framework in Next Economic Survey
India is reportedly considering introducing a stablecoin regulatory framework as part of its 2025–2026 Economic Survey. This move could mark a significant step in the country’s evolving digital asset policy, as officials aim to strike a balance between innovation and financial stability.
The Economic Survey, which outlines the government’s economic vision and strategies, may serve as the platform to formally explore how stablecoins could fit into India’s financial ecosystem. This comes amid growing global adoption of stablecoins for cross-border payments, trading, and decentralized finance (DeFi) use cases.
RBI Urges Caution, Focuses on Digital Rupee (CBDC)
Despite growing interest, the Reserve Bank of India (RBI) remains cautious. It continues to raise concerns over the risks associated with privately issued stablecoins, such as volatility, financial instability, and regulatory gaps.
Instead, the RBI is doubling down on its push for the Central Bank Digital Currency (CBDC), or the digital rupee. By focusing on a state-backed digital currency, the RBI aims to maintain monetary control while embracing the advantages of blockchain technology.
This dual-track approach — exploring a stablecoin framework while prioritizing the CBDC — reflects India’s careful navigation of the rapidly changing digital asset landscape.
What’s Next for Crypto in India?
India’s potential embrace of stablecoin regulation signals a maturing approach to crypto assets. While the country has taken a strict stance in the past, this development could encourage more structured innovation within the Web3 and fintech sectors.
If approved, the framework could include licensing requirements, reserve backing rules, and KYC norms, bringing clarity for companies and investors alike. However, final decisions will depend on the RBI’s recommendations and political consensus.
For now, stakeholders across the crypto industry will be closely watching the 2025–2026 Economic Survey for updates.