India debates stablecoins, fintech executives highlight risks

PANews reported on October 8th that, according to TECHINASIA, Indian Finance Minister Nirmala Sitharaman urged countries to prepare for stablecoins, reigniting the debate over digital currencies. At the 2025 Global Fintech Festival, Pine Labs CEO Amrish Rau and Reserve Bank of India (RBI) Innovation Hub CEO Sahil Kini discussed the potential impact of programmable digital currencies on India's financial system. Rau stated that programmable currencies could improve efficiency and transparency by limiting the use of funds. Kini noted that India's central bank digital currency already supports payments based on specific uses, and that the Reserve Bank of India is piloting digital subsidies for targeted programs, but he also warned that stablecoins could weaken the central bank's control. Both executives emphasized that India's fintech infrastructure lays the foundation for the development of programmable currencies, while questioning the necessity of stablecoins given the rapid development of the local payment system.