India’s finance minister Nirmala Sitharaman urged countries to prepare for engagement with stablecoins, renewing debate over digital currencies.

At the Global Fintech Festival 2025, Pine Labs CEO Amrish Rau and Reserve Bank Innovation Hub CEO Sahil Kini discussed programmable digital money’s potential impact on India’s financial system.

Rau said programmable currencies could enhance efficiency and transparency by restricting funds to specific uses like healthcare or fuel.

Kini noted India’s central bank digital currency already enables purpose-based payments and that the Reserve Bank of India (RBI) is piloting digital subsidies for targeted schemes, but warned that stablecoins could undermine central bank control.

Both executives highlighted India’s fintech infrastructure as a base for programmable money, while questioning the need for stablecoins amid fast local payment systems.

Standard Chartered estimated up to US$1 trillion could shift from emerging market banks to stablecoins within three years.

🔗 Source: YourStory