CoinDCX CEO Sumit Gupta has made a call for the adoption of stablecoins backed by the Indian rupee (INR). He argues that this could lead to significant savings and improved access to financial services in the country.
Importance of INR Stablecoins
Sumit Gupta highlighted the necessity of INR stablecoins in his address. He believes this financial instrument could help India achieve substantial benefits: reducing costs, enhancing payment speeds, and providing broader access to financial services. 'This is a gap India can’t afford to ignore,' noted Gupta.
Common Concerns
Gupta also addressed prevalent misconceptions surrounding fiat-backed cryptocurrencies. He stated that such tokens, if regulated and fully backed, will not lead to financial instability. 'If INR stablecoins are fully reserved & regulated, redemption fears are nearly irrelevant,' he added.
Potential Benefits of Stablecoins
According to Gupta, utilizing INR-backed stablecoins could significantly lower remittance costs. India received over $125 billion in remittances in 2024, the highest in the world. Modern technology could enable up to 90% savings compared to traditional transfers like SWIFT, allowing for instant payouts to UPI-linked wallets.
In conclusion, CoinDCX's CEO emphasizes that INR stablecoins may greatly enhance India's financial infrastructure, fostering lower costs and wider accessibility for the population.
