TLDR
- India’s Fintech Summit focused on CBDC, AI, and regulated digital assets.
- FIU-IND blocks 25 offshore crypto exchanges for AML and KYC violations.
- Finance Minister Nirmala Sitharaman recognizes stablecoins for cross-border payments.
- India prioritizes government-controlled digital infrastructure for financial innovation.
India’s premier financial technology event, the Global Fintech Fest (GFF) 2025, made a clear statement by excluding discussions on private cryptocurrencies and stablecoins. This decision underscores the country’s shift toward a government-driven digital financial future. The move coincides with stricter regulatory measures, including a crackdown on offshore crypto exchanges, signaling India’s commitment to a controlled digital ecosystem, focused on Central Bank Digital Currency (CBDC) and AI-driven national infrastructure.
Exclusion of Private Cryptocurrencies and Stablecoins
At the GFF 2025, which took place in Mumbai from October 7-9, discussions around private cryptocurrencies and stablecoins were notably absent. This was not an oversight but a deliberate choice by the event organizers, reflecting the Indian government’s current priorities. The summit primarily focused on areas within the government’s control, such as the development of the Central Bank Digital Currency (CBDC), advancements in artificial intelligence (AI), and national digital infrastructure like DigiLocker.
The exclusion of these assets from the agenda aligns with India’s regulatory stance. The government has consistently made it clear that private cryptocurrencies are not legal tender and should not be part of mainstream financial discussions. Instead, there is a strong emphasis on financial technologies that operate within the regulatory framework set by the Reserve Bank of India (RBI) and other governmental agencies.
Regulatory Action and the Crackdown on Offshore Crypto Exchanges
The exclusion of cryptocurrencies from the GFF 2025 comes in the context of increasing regulatory action against digital assets. India’s Financial Intelligence Unit (FIU-IND) recently ordered the blocking of 25 offshore crypto exchanges for failing to comply with Anti-Money Laundering (AML) and Know Your Customer (KYC) requirements. These exchanges were found not adhering to the Prevention of Money-Laundering Act (PMLA), a key regulation for financial operations in the country.
This move is part of India’s broader effort to ensure that all financial operators, including digital platforms, comply with domestic standards. The FIU-IND’s enforcement of these regulations makes it clear that platforms operating without the necessary legal framework will face consequences, including being excluded from the Indian market. The government’s actions reinforce its stance on the need for full integration into the regulated ecosystem.
India’s Position on Stablecoins and Cross-Border Payments
Despite the exclusion of speculative Virtual Digital Assets (VDAs) like cryptocurrencies, India’s Finance Minister, Nirmala Sitharaman, has acknowledged the potential role of stablecoins in the global financial system. In early October 2025, she stated that nations must “prepare to engage” with stablecoins, recognizing their potential to facilitate cross-border payments and enhance financial infrastructure.
However, the Indian government remains cautious about stablecoins, due to the risks associated with their volatility. Minister Sitharaman emphasized that while the technology behind stablecoins may be valuable, it must be regulated to mitigate financial risks. The Indian government is focused on ensuring that any digital asset or currency within its jurisdiction complies with local financial laws, including those that govern the issuance of the country’s own CBDC.
India’s Focus on CBDC and Digital Infrastructure
Looking forward, India’s digital financial ecosystem is centered on government-supervised initiatives, particularly the development of a Central Bank Digital Currency (CBDC). The country is working towards building a secure, regulated digital currency to complement its existing financial infrastructure. Additionally, the government is heavily investing in national digital platforms, such as DigiLocker, which aim to modernize public services and facilitate secure digital transactions.
These efforts are part of a broader strategy to position India as a leader in digital financial services while ensuring that these services are fully regulated and aligned with government policies. As the government continues to roll out these initiatives, the role of private, unregulated cryptocurrencies seems increasingly diminished in the country’s financial strategy.
India’s stance on digital assets is clear: any financial operation must align with the nation’s legal and regulatory framework to gain access to the market.
