India’s crypto story is moving forward, but not without friction. In an exclusive conversation with Coinpedia, Ashish Singhal, Co-founder CoinSwitch, breaks down where things stand, from CBDCs and UPI dominance to Budget 2026, taxation, and why startups are quietly looking offshore.

UPI Dominates, But CBDC Plays a Different Game

Singhal makes it clear that India isn’t lacking payment solutions. Unified Payments Interface has already made transactions effortless, whether it’s paying vendors or splitting bills.

But CBDC isn’t competing with UPI. It’s something deeper.

He explains that a CBDC is essentially digital cash issued by the central bank, like a ₹100 note, but on your phone. Its real strength lies in targeted use cases….