In the shadow of UPI’s towering fortress, India’s government dares to tiptoe toward stablecoins, while the RBI clutches its caution like a savior’s relic. The Economic Survey 2025-2026, that sacred scroll of fiscal prophecy, may soon whisper sweet nothings to crypto’s rebellious offspring. But the RBI, ever the stern patriarch, mutters warnings beneath its breath.
MoneyControl, that oracle of business gossip, claims the Ministry of Finance will “present its case” in the Survey-a case as fragile as a moth’s wing. Meanwhile, RBI Governor Sanjay Malhotra, draped in the robes of prudence, scoffs at the notion of crypto’s grandeur:
“We have a very cautious approach towards crypto because of various concerns that we have. Of course, the government has to take a final view. There is a working group which was set up earlier, and they will make a final call as to how, if at all, crypto is to be handled in our country.”
Malhotra, with a shrug worthy of a seasoned bureaucrat, dismisses America’s GENIUS bill as mere child’s play. After all, India’s digital payments-UPI, NEFT, RTGS-are its holy trinity, a labyrinth of efficiency that even the US could only dream of replicating. 🤷♂️
If the government finally legitimizes crypto, it would be a revolution more daring than a farmer’s protest. But Piyush Goyal, that enigmatic commerce minister, casts doubt on “unbacked” cryptocurrencies, as if gold itself were a parlor trick. “Most cryptocurrencies,” he sighs, “lack sovereign backing or assets-just like your neighbor’s dubious investments.”
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2025-11-20 21:00