'Govt must take stand on stablecoins'

MUMBAI: Former RBI executive director G Padmanabhan on Monday said govt needs to quickly take a stand on stablecoins, warning against allowing regulatory uncertainty to drift like in the case of crypto.

Speaking at a curtain raiser for Global Fintech Festival 2025, Padmanabhan, now an advisor to the Payments Council of India, said India cannot ignore global developments, particularly after the US has moved ahead with its e-currency framework. "Stablecoin is quite a different proposition from crypto, and India as part of the global ecosystem has to take a view one way or the other very quickly," he said. He added that discussions on the issue may be better suited for closed-door dialogues with regulators, given the need for global coordination. TNN