India's Top Remittance Recipient Could Save Billions with Stablecoins, Says CoinDCX CEO
India, the world's top remittance recipient, could save billions in transfer fees by adopting stablecoins, according to CoinDCX CEO Sumit Gupta. Stablecoins promise near-instant, low-cost cross-border settlements, a shift Finance Minister Nirmala Sitharaman has acknowledged.
Gupta urges India to embrace stablecoins, which could transform remittances for millions of Indian citizens. Currently, India receives over $125 billion annually, but fees can reach 6-7%. Stablecoins could cut these fees to 1-3%.
Sitharaman warns that countries risk being left behind if they don't adapt to these changes. Stablecoins could support trade financing, supply chains, and international payments, potentially becoming a foundation for India's digital economy.
However, clear regulatory frameworks are needed. The Reserve Bank of India (RBI) has not issued guidelines for stablecoins, maintaining partial oversight of cryptocurrencies. Gupta believes integrating stablecoins into India's fintech ecosystem could accelerate the digital revolution.
Stablecoins offer India significant savings and digital growth potential. With over $125 billion in annual remittances, embracing stablecoins could dramatically change the remittance process for millions of Indian citizens. Clear regulations are crucial for their implementation.
