India pushes for instant payments for rival cryptocurrencies
Key Takeaways
- SEBI Chairman Madhabi Puri Buch emphasizes that competing with cryptocurrencies requires instant payments in regulated markets.
- India plans to introduce an optional same-day payment cycle from March 28.
- The broader strategy includes fully adopting instant payments by March 2025.
Madhabi Puri Buch, Chairman, Securities and Exchange Board of India (SEBI), emphasized: There is an urgent need for regulated markets to adopt instant settlement processes To prevent investors from flocking to the cryptocurrency space.
Optional same-day payment cycle introduced from March 28th This puts India ahead of most countries that still stick to the standard two-day payment period.
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The broader vision is Full implementation of instant payments across markets by March 2025. However, the plan awaits approval from the SEBI board, which is expected to convene on Friday.
Buch fails to offer advantages such as tokenization and instant payments, Traditional markets may lose a significant portion of their investors to cryptocurrencies.
If a well-regulated market can’t compete with the cryptocurrency world and say it offers tokenization and instant payments in the medium term, then you can’t say that in the long term either and you have to expect investors to move.
SEBI’s stance reflects its proactive approach to maintain investor interest in regulated markets. The move toward faster payments marks a significant shift in strategy to meet the demand for immediacy in the digital age.
This decision is particularly significant considering that India has one of the greatest enthusiasm for cryptocurrencies, especially among low- and middle-income countries. According to Chainalysis.
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