“Cryptocurrencies are Not a Threat” – Remarks FSB On India’s Crypto Concern

It looks like the crypto market is celebrating the New Year in India. With RBI citing FSB’s remark, the market appears quite appreciated.
Crypto Stance in India
According to the latest coverage by Quartz Media, FSB (Financial Stability Board), an international body that monitors and review the global financial system has recently appreciated cryptocurrency and said that the virtual currencies are not a threat.
The note was added by Reserve Bank of India (RBI), an Indian central bank in a report released in connection with cryptocurrency regulation in the last week. FSB’s comment reads as follows;
”The FSB has undertaken a review of the financial stability risks posed by the rapid growth of crypto-assets. Its initial assessment is that crypto-assets do not pose risks to global financial stability currently,”
FSB was formed in April 2009 when global financial crises hit the market. It was established by Group of Twenty (G-20) finance ministers and central bank governors including the UK, USA, India, and China.
No Clarity
Cryptocurrency in India is never so easy, it was all along challenging for two years. Since the circular sent out to banks to stop servicing cryptocurrency-related operations to a group of individuals expecting regulatory clarity, Indian regulatory bodies seem not yet serious about the cryptocurrencies within the nation.
@SecretaryDEA Please help our voices be heard. Positive crypto regulations in India will help create wealth and jobs for millions of Indians. Millions of youth in India want to see positive crypto moves by the government.
Jai Hind ??
— Nischal (WazirX) ⚡️ (@NischalShetty) January 2, 2019
Nevertheless, in last week, Indian parliament made a serious note, where Pon Radhakrishnan, the minister of state for finance addressed Lok Sabha, the lower house of Indian parliament;
“In absence of a globally acceptable solution and the need to devise a technically feasible solution, the department is pursuing the matter with due caution. It is difficult to state a specific timeline to come up with clear recommendations,”
The unclear signal by authorities has kept investors at bay –certainly, traders and crypto enthusiasts cannot withdraw their crypto funds in fiat yet. Besides India, the other member countries of FSB including the US are still uncertain over the adoption of cryptocurrency. As far as India and cryptocurrency are concerned, RBI with FSB’s remark had also left a reminder to all those waiting for the final assessment on digital assets within the country. It added ‘wait and watch policy towards crypto assets’, and continued;
“The market continues to evolve rapidly, however, and this initial assessment could change if crypto-assets were to become more widely used or interconnected with the core of the regulated financial system,”
What’s your best advice to regulate cryptocurrency in India? share your opinion.
- ASTER Token Defies Crypto Market Consolidation With 14% Upside, Expert See Next Stop at $3
- MetaMask Gears Up for Major MASK Token Airdrop With Reward Points System Launch
- Coinbase Joins Ripple and Circle In Applying For National Banking License
- USDT Issuer Tether Eyes $200M Raise To Launch Tokenized Gold Treasury Company
- REX-Osprey Files For ADA, HYPE, XLM, SUI ETFs as Crypto ETF Frenzy Heats Up
- BNB Coin Price Hits ATH as Derivatives Activity Soars—Is $1,520 the Next Stop?
- Aster Price Eyes $3 After Channel Breakout as Open Interest Surges to $1.37B
- Will XRP Price Hit $5 if the SEC Approves ETFs This Month?
- Bitcoin Price Hits $120K Ahead of Q4 — Can Citigroup’s Forecast Hold Up?
- Pi Network Price at Risk of Another Crash as Mysterious Whale Stops Buying
- Solana Price Eyes $360 After Bullish Retest As VisionSys AI Deploys $2B Treasury Strategy