India's FM Nirmala Sitharaman Acknowledges Stablecoins' Potential, CEO Calls for Adoption
India's Finance Minister Nirmala Sitharaman recently acknowledged the global shift towards digital finance, including the potential role of stablecoins, at the 4th Kautilya Economic Conference 2025 in New Delhi. This recognition has sparked a call from CoinDCX co-founder and CEO Sumit Gupta for India to adopt stablecoins, which could significantly impact the country's remittance landscape.
India is the world's largest recipient of remittances, with over $125 billion received annually. Sitharaman warned countries face a 'binary choice' in adopting new forms of money, highlighting the importance of staying ahead in the digital finance race. Gupta believes stablecoins can save India billions in remittance fees, as they enable near-instant cross-border payments with minimal fees, reducing costs from 6-7% to 1-3%.
Stablecoins can also serve cross-border trade financing and supply chains, further boosting India's economy. However, clear regulatory guidelines are needed for their introduction in India. Sitharaman's speech acknowledging the potential of stablecoins is a step towards this, influencing Gupta's call for adoption.
India's Finance Minister Nirmala Sitharaman has acknowledged the potential role of stablecoins in the Indian economy. CoinDCX CEO Sumit Gupta has called for India to adopt stablecoins, which could significantly reduce remittance fees and boost cross-border trade. With clear regulatory guidelines, stablecoins could bring substantial benefits to India's economy.
