Oh, how predictable it all seems. G Padmanabhan, a former RBI executive director and current advisor to the Payments Council of India, has emerged from the shadows of bureaucracy to deliver yet another sermon on stablecoins. Speaking at an event tied to the Global Fintech Festival 2025 (because who doesn’t love a good prelude?), he urged the Indian government to stop dilly-dallying and take a firm stance on stablecoins. After all, as he so eloquently put it, “India as part of the global ecosystem has to take a view one way or the other very quickly.” Ah yes, because nothing screams urgency like waiting until everyone else moves first.
Padmanabhan even suggested that regulators retreat into closed-door meetings-presumably with dim lighting and strong coffee-to hash out the details of stablecoin regulation. And why not? It’s not like India can afford to ignore what the rest of the world is doing, especially now that the US has decided to flex its e-currency muscles. Oh, America, always setting trends we’re forced to follow.
A Tale of Two Cryptos
But here’s where things get amusingly contradictory. While stablecoins are being treated with cautious curiosity, cryptocurrencies remain the proverbial black sheep of the financial family. According to a recent government document (spotted by Reuters, no less), India isn’t planning to roll out the red carpet-or any legal framework-for crypto anytime soon. Regulating it, they argue, would give it legitimacy, which might lead to chaos in the financial system. But banning it outright? Also impossible. Because apparently, decentralized platforms and peer-to-peer transfers have mastered the art of existing without permission. Who knew?
And so, dear reader, we find ourselves stuck in this limbo-a bureaucratic tango between fear and inevitability. Padmanabhan’s warning about stablecoins is clear enough: act now or risk falling behind. Clear rules could help India march confidently into the future of digital payments, safeguard its financial system, and avoid looking like the awkward guest at the global fintech party. But will anyone listen? Or will they continue debating while the world moves on? Only time-and perhaps more closed-door meetings-will tell. 😊
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2025-09-11 14:29