Summary of this article
India fintech summit emphasizes e-rupee, avoids crypto, Stablecoins discussion.
Crypto ventures face limited interest due to cautious regulatory environment.
Summit highlights fintech innovation, deposit tokenization, and central bank pilots.
At Mumbai’s annual fintech summit, India put the spotlight on digital finance innovation while steering clear of cryptocurrencies and Stablecoins. The three-day event drew around 800 speakers and over 100,000 participants from more than 100 countries, including industry leaders, regulators, and investors with the highlight on projects, such as the e-rupee and innovative fintech solutions. However, crypto and Stablecoins remain off the table at the summit, even as the interest around it grows worldwide.
Crypto and Stablecoins Kept Off the Agenda
The annual fintech conference took place just as Bitcoin soared past the $125,000 mark. However, cryptocurrencies were largely absent from the agenda. A document outlining speaker guidelines advised participants to avoid political, crypto, religious, or personal remarks on stage or at the venue, according to Reuters. Incidentally, India has taken a cautious approach to crypto, and also avoided implementing crypto regulations.
Limited Appetite for Crypto Ventures
Reuters reported several industry executives at the summit saying that while the crypto sector could offer new business opportunities and attract investment, there is little interest without regulatory backing. Sahil Kini, CEO of the Reserve Bank of India Innovation Hub, noted during a Tuesday session that there is “a fair degree of caution on Stablecoins.”
The major focus of the summit was on India’s central bank digital currency (CBDC), the e-rupee, with pilots for deposit tokenization and a sandbox highlighting fintech innovation.
Incidentally, Union Minister of Commerce and Industry, Piyush Goyal had remarked a few days ago during his official visit to Doha, Qatar, that India has not been encouraging cryptocurrencies, particularly those without sovereign backing or support from central banks or local currency. He added that while there is no formal ban on such cryptocurrencies, they are taxed very heavily.
At the time of writing, US dollar Stablecoins had a market capitalisation of around $314 billion, while the total market value of crypto tokens exceeded $4.13 trillion, according to CoinMarketCap.
