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Developing Global Crypto Regulation Is a Priority for G20 Under India’s Presidency – Regulation Bitcoin News

Indian Central Bank: Developing Global Crypto Regulation Is a Priority for G20 Under India's Presidency

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The Reserve Bank of India (RBI) says one of the G20’s priorities under India’s chairmanship is to “develop a framework for global regulation, including the option to ban, unsecured cryptocurrencies, stablecoins and def”. India’s central bank warned that “turmoil in crypto-asset markets” is one of the “biggest risks that could potentially undermine global financial stability.”

Reserve Bank of India in crypto regulation

The Reserve Bank of India (RBI) released its Financial Stability Report (FSR) for December on Thursday. The 172-page report includes discussions of cryptocurrencies, central bank digital currencies (CBDCs) and decentralized finance (defi).

“Regulating new technology and business models after they have grown to a systemic level is challenging,” the RBI report said. “In order to promote responsible innovation and reduce financial stability risks in the crypto ecosystem, it is vital that policymakers design appropriate policies.” The Reserve Bank of India continued:

In this context, during India’s G20 chairmanship, one of the priorities is to develop a framework for global regulation, including the possibility of a ban on unbacked crypto-assets, stablecoins and def.

The central bank named “turmoil in the cryptoasset market” as one of the “biggest risks that could potentially undermine global financial stability.” The RBI also said that cryptocurrencies are highly volatile, “highly correlated with equities” and have fallen when inflation has risen.

The report further states that the collapse of crypto exchange FTX and subsequent crypto market sell-offs “have highlighted the inherent vulnerabilities of the crypto ecosystem”. It also highlights the terra/luna crash in May and the bankruptcy filings of several major crypto companies, including crypto hedge fund Three Arrows Capital (3AC) and crypto lender Celsius Network.

G20 members discuss crypto regulation

India’s Finance Minister Ajay Seth said earlier this month that the G20 aims to build a political consensus for better global regulation of crypto-assets. Indian Finance Minister Nirmala Sitharaman said in October that crypto would be on India’s agenda during its G20 presidency, adding that she hoped a technology-driven regulatory framework would be created for crypto-assets.

The members of the Group of 20 (G20) are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, Great Britain, The United States and the European Union. The group’s share of the world’s GDP is about 85 percent.

However, the Reserve Bank of India has repeatedly recommended banning all non-government-issued cryptocurrencies, including bitcoin and ether. Last week, RBI Governor Shaktikanta Das warned that cryptocurrencies will cause the next financial crisis if they are not banned. However, India’s finance minister said in July that both banning and regulating crypto can only be effective with significant international cooperation.

Do you think the G20 will develop global regulation that will benefit the crypto industry? Let us know in the comments section below.

Kevin Helms

Kevin, an Austrian economics student, discovered Bitcoin in 2011 and has been an evangelist ever since. His interests include Bitcoin security, open source systems, network effects, and the intersection of economics and cryptography.

The authors of the picture: Shutterstock, Pixabay, Wiki Commons

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