India’s largest fintech conference sent a clear signal this week, cryptocurrencies and stablecoins remain off the table for now.
The Global Fintech Fest 2025, held in Mumbai from October 7 to 9, gathered more than 100k attendees and 800 speakers from over 100 countries but largely steered clear of digital assets, even as Bitcoin surged to a record $125,000 globally.
The event, co-hosted by the Payments Council of India, National Payments Corporation of India (NPCI), and the Fintech Convergence Council, was headlined by the Prime Ministers of India and the United Kingdom.
Behind the glitz, organizers circulated a set of speaker guidelines explicitly asking participants to “avoid political, crypto, religious, or personal remarks”, according to a document reviewed by Reuters.
While regions like Hong Kong, Singapore, and Japan are racing to attract crypto innovation, India’s regulators remain hesitant to engage. Reports suggest the government is leaning toward not drafting specific legislation for the sector, a stance that has left startups and investors uncertain.
Instead, regulators used the platform to champion the e-rupee, India’s central bank digital currency (CBDC), and highlight progress in tokenized deposits and fintech sandboxes.
More than 50 product launches took place during the conference, including PayPal’s global wallet platform, biometric UPI payment authentication, and the India rollout of Revolut’s payment services.
Experts at the sidelines noted that India’s crypto caution may slow innovation. “Policy ambivalence has a chilling effect on stablecoin use cases,” said Mandar Kagade, founder of Black Dot Public Policy Advisors.
Meanwhile, venture investors are urging a more open approach. “A gradual entry point could be permitting stablecoin-based remittances,” said Joseph Sebastian of Blume Ventures.
As global crypto markets swell past $4 trillion, India’s fintech leaders appear focused on regulated innovation, leaving digital assets still waiting for an official invitation.