India’s Stablecoin Rules Remain Unclear as Binance Pushes INR Tokens for Payments, Remittances, Tokenized Assets
Binance APAC Head SB Seker has called for INR stablecoins in India to reduce exposure to the US dollar. Seker shared the view on August 3, 2026, as India continues discussions around crypto rules and stablecoin regulation.
Seker said rupee-based stablecoins could reduce currency risk for Indian traders, businesses, and institutions using dollar-linked crypto assets. INR stablecoins could also support domestic settlements, payments, remittances, and tokenized assets.
“Allowing INR stablecoins will be critical to hedge against US dollar fluctuations,” Seker told Moneycontrol.
Indian crypto users mainly depend on dollar-backed stablecoins such as USDT and USDC for trading. Their use can create extra risk when the rupee moves against the US dollar.
For example, a crypto asset may keep its dollar value while its rupee value changes. An INR stablecoin could help reduce this currency mismatch for local users.
Seker also said local stablecoins could work alongside India’s existing payment systems instead of replacing them. The model could support cross-border payments and blockchain-based settlements.
India currently has no clear framework for privately issued stablecoins, keeping the future of INR stablecoins uncertain. Crypto gains face a 30% tax, while many transactions also carry a 1% tax deducted at source.
The Reserve Bank of India continues to support the Digital Rupee while remaining cautious about private crypto assets. Industry participants believe both systems could serve different purposes.
Japan, Singapore, and Hong Kong have already explored rules for local currency stablecoins. Their approaches could offer useful examples as India shapes future crypto policy.
Seker also pointed to real-world asset tokenization as another major opportunity for India’s crypto market. The stablecoin debate could therefore shape India’s next stage of digital asset growth.
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