G20 Members Considering Complete Ban On Crypto, Says RBI Governor
Crypto Regulations: The Governor of Reserve Bank of India (RBI) Shaktikanta Das says some members of the G20 are calling for considering a complete ban on cryptocurrencies. Ahead of the G20 summit, Indian finance minister Nirmala Sitharaman said that India’s position on crypto assets has been recognised by G20 members.
G20 members talk about crypto regulations
The discussions on international architecture on crypto regulations are expected to be completed by September, when India is to preside over the G20 summit. In a press conference at the end of First G20 Finance Minister and Central Bank Governors (FMCBG) meeting, the Indian Finance minister said that there is almost a clear understanding that anything outside the Central bank is not a currency. India has been taking this stance on crypto for a very long time and this position is now getting acknowledgement from so many different members, Sitharaman added. In an attempt to ward off competetion from cryptocurrencies, India is launching its own CBDC.
Responding to a question on crypto regulations, Sitharaman said recognizing the risks attached to the private virtual assets, G20 nations moved a step closer to developing a coordinated and comprehensive policy approach to deal with the crypto assets by considering macroeconomic and regulatory perspectives.
Crypto assets risk financial stability: RBI Governor
Talking about crypto regulations, RBI Governor said that multiple options are under consideration. But it’s too early to speak on what will be the eventual architecture, he added.
Das revealed that there were views that it should be regulated with a view to control and check its proliferation, to control its risks. There were opinions expressed saying that the option of a ban or prohibition should also be considered. But this is a work in progress, the Governor added.
RBI governor said that there is a wide acceptance of the fact that cryptocurrencies involve several major risks to the financial stability, to cyber security issues, and to overall financial stability. The central bank’s governor had earlier said that the next major financial crisis will stem from cryptocurrencies.
- Breaking: Bitcoin Hits New ATH Above $125k as ‘Uptober’ Kicks Off in Full Force
- 99.3% of Bitcoin Supply in Profit, Analyst Warns of Short-Term Correction
- Pro-Crypto Mike Selig Emerges As CFTC Chair Frontrunner, Gains Ripple CLO’s Endorsement
- ‘Every Crypto ETF You Can Imagine’: Expert Predicts Flurry of Filings After REX-Osprey’s 21 Applications
- Robinhood Lists Strategy’s Bitcoin-Backed Stocks, Boosting Saylor’s BTC Credit Model
- FLOKI Price Prediction as ETP Listing Drives Adoption—Is a 160% Rally Ahead?
- 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
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
