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Bureaucratic Stalemate Keeps India on Sidelines as Stablecoin Race Heats Up in Asia
Bureaucratic Stalemate Keeps India on Sidelines as Stablecoin Race Heats Up in Asia
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BTCCSquare news:
India's Web3 ecosystem remains paralyzed by bureaucratic inertia as Asian neighbors advance with clear stablecoin frameworks. Polygon's Aishwary Gupta reveals no Indian government department claims ownership of stablecoin regulation, creating a regulatory vacuum. Banks remain hesitant despite potential annual savings of $68 billion from stablecoin integration.
The talent drain is stark—80-85% of India's top crypto professionals have relocated abroad. Meanwhile, the U.S. progresses with landmark legislation like the GENIUS Act, leaving India's massive developer base in limbo. Gupta frames this as an emerging "crypto cold war" where regulatory clarity determines market leadership.
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