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India sidesteps crypto and stablecoins at world’s largest fintech summit

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At India’s massive fintech conference in Mumbai, attended by over 100,000 participants and 800 speakers, two global financial buzzwords were conspicuously absent: cryptocurrencies and stablecoins. Despite Bitcoin’s record-breaking surge past $125,000, the three-day event — headlined by the prime ministers of India and the U.K. — avoided any discussion of digital assets amid the government’s cautious regulatory stance.

A speaker document obtained by Reuters explicitly instructed participants to “avoid political, crypto, religious, or personal remarks”, underscoring India’s reluctance to embrace the sector. While economies like Japan, Hong Kong, and Singapore are racing to become crypto hubs, India remains hesitant, opting instead to spotlight its central bank digital currency, the e-rupee, and other fintech innovations.

The Reserve Bank of India showcased pilots for deposit tokenisation and fintech sandboxes, while companies like PayPal and Revolut unveiled new products tailored for the Indian market.

Experts say the policy vacuum is chilling innovation. “Regulators need an iterative approach instead of complete aversion to stablecoins,” said Joseph Sebastian of Blume Ventures, who suggested limited adoption through U.S. dollar stablecoin remittances.

India’s fintech funding fell to $3.5 billion in 2023, its lowest since 2020, as entrepreneurs increasingly incorporate overseas to escape regulatory uncertainty. “It’s becoming real whether we like it or not,” said Vivekdeep Gupta, a digital assets consultant.

India Central Bank Governor Issues Warning on Rising Digital Frauds, Announces Secure Domain Names

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India’s central bank governor, Sanjay Malhotra, issued a cautionary note on Friday, urging lenders to address the increasing incidence of digital payment frauds. Malhotra highlighted the concern that cyber attacks, data breaches, and other digital threats are on the rise as both Indian banks and consumers adopt newer technologies. He also noted that the Reserve Bank of India (RBI) would soon introduce secure website domain names to counter fraudulent practices.

Fraudsters often exploit subtle differences in domain names to deceive users, tricking them into sharing sensitive information or making fraudulent transactions. In response, the RBI is introducing two exclusive internet domain names. Banks will be allocated the ‘bank.in’ domain, while non-bank financial entities will receive the ‘fin.in’ domain. This initiative aims to enhance online security by establishing a unique identity for each entity, making it easier for consumers to recognize legitimate platforms.

The Institute for Development and Research in Banking Technology (IDRBT) will serve as the exclusive registrar for these domain names, with registration set to begin in April 2025.