India Plans Stablecoin Rules, RBI Pushes Crypto Caution

India Mulls Stablecoin Rules as RBI Urges Caution on Crypto

Written by Aaron S.,

Editor-In-Chief

Last Updated: November 21, 2025

Key Takeaways

The Finance Ministry may include stablecoin guidelines in the Economic Survey 2025–2026 to outline India’s regulatory direction;
RBI remains cautious on cryptocurrencies, prioritizing its central bank digital currency over private crypto assets;
RBI Governor Sanjay Malhotra said India’s payment systems, such as UPI, NEFT, and RTGS, reduce the need for stablecoins.

Stop overpaying - start transferring money with Ogvio. Join the waitlist & grab early Rewards NOW! 🎁

BITDEGREE IN YOUR SOCIAL FEED

India’s government is considering a policy plan for stablecoins in its Economic Survey 2025–2026.

Meanwhile, the Reserve Bank of India (RBI) continues to take a careful stance on cryptocurrency and focuses on developing its own digital currency.

A report from MoneyControl said the Ministry of Finance may include stablecoin guidelines in the upcoming survey, which reviews the economy and offers policy ideas for the next year.

What is a Bitcoin & How Does it work? (Animated Explainer)

Did you know?

Want to get smarter & wealthier with crypto?

Subscribe - We publish new crypto explainer videos every week!

A government official stated that the ministry will “present its case” for stablecoins in the document.

At an event at the Delhi School of Economics, RBI Governor Sanjay Malhotra explained:

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 responded to comparisons with the United States, where the GENIUS Act on stablecoins passed in June. He said India does not need to act to catch up with the US, as it already has a strong digital payments network.

He pointed to systems such as the Unified Payments Interface (UPI), which enables instant transfers at any time, the National Electronic Funds Transfer (NEFT), which processes payments hourly, and the Real-Time Gross Settlement (RTGS) system, used for larger transactions.

Recently, Kenya’s new cryptocurrency law has already been tested, with Bitcoin BTC $82,952.31 BTC ATMs seen in several Nairobi shopping centers. What does the law cover? Read the full story.