At the Fintech Convergence Conference in Mumbai — the world’s largest fintech event — discussions on cryptocurrency and stablecoins were notably off-limits. Despite global attention on digital assets, Indian regulators instructed speakers to “avoid crypto remarks”, reflecting the country’s ongoing hesitation to legislate the sector.
Organized by the Payments Council of India and the National Payments Corporation, the event featured 100,000 attendees but focused instead on central bank digital currency pilots, biometric UPI payments, and launches from PayPal and Revolut.
While Japan and Singapore push forward with crypto regulations, Indian officials warned of risks. “There is cause for a fair degree of caution on stablecoins,” said Sahil Kini, CEO of the RBI Innovation Hub, adding that policy change won’t come quickly.
Investors and startups argue that India’s stance is stifling growth and driving talent abroad. “The lack of regulatory clarity is causing brain drain,” said Vivekdeep Gupta, a digital assets advisor. Globally, crypto tokens now exceed $4 trillion in market value, but India continues to watch from the sidelines.
