India's FM Warns of 'Binary Choice' on Stablecoins, Highlighting Remittance Potential
India's Finance Minister Nirmala Sitharaman has sparked a conversation about stablecoins, warning of a 'binary choice' for nations in the face of global financial shifts. She spoke at the 4th Kautilya Economic Conclave 2025 in New Delhi, highlighting the need for developing countries to adapt or risk exclusion.
Sitharaman's comments come as India, the world's largest remittance recipient, could significantly benefit from stablecoins. Currently, India gets over $125 billion annually, but fees can be high, around 6-7%. Stablecoins could reduce these costs to 1-3%, saving millions.
CoinDCX CEO Sumit Gupta has echoed these sentiments, stressing the real-world use of stablecoins, particularly in reducing remittance costs. Gupta believes stablecoins could help India's millions of citizens abroad send money home more quickly and cheaply. However, Indian authorities remain cautious due to fears of systemic risks, preferring partial oversight to full regulation.
Sitharaman's open dialogue about stablecoins signals a potential shift in India's stance. With millions at stake in remittances, embracing stablecoins could dramatically change India's remittance landscape. However, authorities' concerns about systemic risks must be addressed before a full regulatory framework is established.
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