India Warned: Embrace Stablecoins or Risk Global Economic Exclusion
Finance Minister Nirmala Sitharaman recently warned countries about the risks of being excluded from the global economic order if they fail to engage with new forms of money, including stablecoins. She made these remarks at the 4th Kautilya Economic Conference 2025.
Sitharaman's speech comes amidst a global shift towards stablecoins and digital currencies. CoinDCX co-founder and CEO Sumit Gupta has echoed her sentiments, urging India to more actively adopt stablecoins. Gupta believes that stablecoins could save India billions of dollars in remittance fees. India is the world's largest remittance recipient, and stablecoins could radically change the remittance landscape by reducing fees and increasing transparency.
Stablecoins could also support trade financing, supply chains, and international payments, making them a potential foundation for India's digital economy. Gupta believes that integrating stablecoins into India's fintech ecosystem could further accelerate the digital revolution in the country. India receives over $125 billion annually in remittances, and stablecoins could cut fees from 6-7% to 1-3%, saving the country billions of dollars.
While the potential benefits of stablecoins are significant, the Indian government has shown caution. The Reserve Bank of India has warned about the risks to financial stability and currency sovereignty. As the global conversation around stablecoins continues, India is likely to carefully consider its stance, balancing innovation with risk management.
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