BJP Politician Urges India to Lead Stablecoin Innovation Amid US Regulatory Advances

Pradeep Bhandari, a spokesperson for India's ruling BJP party, has called for immediate action on stablecoin regulation, positioning the country as a potential leader in fintech innovation. His remarks follow the US Senate's passage of the GENIUS Act, which authorizes American banks and corporations like Amazon and Walmart to issue Treasury-backed stablecoins.

Bhandari emphasized India's opportunity to reduce borrowing costs—currently around 6%—through tokenized government debt. Such digital bonds, regulated under clear frameworks, could attract investors and lower interest rates while preserving monetary sovereignty.

The push aligns with global trends where stablecoins are evolving beyond payments, blending blockchain efficiency with traditional finance security. No specific cryptocurrencies or exchanges were directly referenced in the statement.