India’s biggest fintech gathering this week made one thing clear: crypto and stablecoins were not on the guest list. Even as global attention remains fixed on the soaring crypto market, the three-day Global Fintech Fest in Mumbai, which drew over 100,000 participants from more than 100 countries, carefully avoided the topic.
The event, headlined by the Prime Ministers of India and the UK, featured over 800 speakers, including regulators, investors, and industry leaders. Yet, despite Bitcoin hitting a record high above $125,000 this week, there was no mention of it on stage.
India’s cautious stance toward digital assets continues, with Reuters recently reporting that the government is leaning toward not introducing legislation to regulate the sector.
Speakers at the event were explicitly warned to steer clear of controversial subjects. A participant shared a document with Reuters that read: “Please avoid political, crypto, religious, or personal remarks on stage or at the venue.”
The directive, issued by event organizers—the Payments Council of India, the National Payments Corporation of India, and the Fintech Convergence Council—underscored the country’s regulatory hesitance.
This caution stands in sharp contrast to other Asian economies like Japan, Singapore, and Hong Kong, which are actively developing crypto and stablecoin frameworks to attract investment.
Instead of getting into talks about crypto, India kept its attention on the e-rupee—the country’s own digital currency. The Reserve Bank of India (RBI) announced pilots for deposit tokenization and a new sandbox program for fintech innovations.
Over 50 new products were launched during the conference, including PayPal’s global wallet, Revolut’s India debut, and biometric payment authentication via UPI.
Mandar Kagade, Founder of Black Dot Public Policy Advisors, said India’s “policy ambivalence has a chilling effect” on stablecoin innovation. Several executives admitted on the sidelines that despite potential opportunities, they were reluctant to enter the crypto space without clear regulatory support.
Just two days ago, RBI Deputy Governor T. Rabi Sankar reiterated the central bank’s measured approach to rolling out the e-rupee. Speaking at the same conference, he said India was “in no hurry” to launch its CBDC nationwide, emphasizing that its biggest use case lies in cross-border payments.
“For this system to work, other countries must launch their CBDCs too,” Sankar said, noting that international interoperability will determine the digital rupee’s success.
While India’s fintech sector continues to grow, raising $3.5 billion in 2024, its lowest since 2020, the absence of clear crypto policies remains a hurdle. Experts like Blume Ventures’ Joseph Sebastian argue that allowing stablecoin-based remittances could be a practical first step.
As global crypto and stablecoin markets swell past $4 trillion, India’s approach remains one of caution. The message from Mumbai’s fintech jamboree was unmistakable, the country is betting on the e-rupee, not Bitcoin, to shape its digital finance future.