India's Crypto Market Calls for Regulated INR Stablecoin to Reduce Remittance Costs

India's growing crypto market has been urging the government to launch its own INR stablecoin, according to experts. Binance APAC Head SB Seker believes that a regulated rupee-backed stablecoin could reduce foreign exchange risks and build a stronger crypto ecosystem in the country.

The use of dollar-backed stablecoins like USDT and USDC has created currency risks for Indian traders, industry leaders highlight. An INR stablecoin could allow cross-border payments to be settled directly in rupees, reducing conversion costs and speeding up transactions.

CoinDCX CEO Sumit Gupta thinks that an INR stablecoin could reduce the cost of sending money home from abroad by 6-7% to just 1-3%, saving billions of dollars. However, the Reserve Bank of India remains cautious about stablecoins, preferring Central Bank Digital Currencies (CBDCs).

While there are no hints of an INR stablecoin launch yet, industry leaders believe that India will introduce a regulated INR-backed crypto soon due to its growing dependence on foreign currencies and increasing cross-border digital payments.