India’s crypto regulation debate intensifies as stablecoin inquiry starts

India is quietly resisting a full regulatory framework for cryptocurrencies and stablecoins, citing concerns about financial stability and the potential impact on the rupee’s dominance. While other jurisdictions move to formalise regulation, the Reserve Bank of India and the government remain cautious, emphasising domestic payment ecosystem integrity. Blockchain advocacy groups note the ambiguity is weighing on Indian crypto innovation, with many firms relocating or halting local early-stage operations.