Crypto Regulations: Shaktikanta Das, Governor of Reserve Bank of India (RBI), says that some members of G20 are calling to ban all cryptocurrencies. Indian finance minister Nirmala Sitharaman stated that the G20 members have recognized India’s position regarding crypto assets. G20 members discuss crypto
CoinGape’s first article, “G20 Members Consider Complete Ban on Crypto,” was published by Governor of RBI.

  

Crypto Regulations: Shaktikanta Das, Governor of Reserve Bank of India (RBI), says that some members of G20 are calling to ban all cryptocurrencies. Indian finance minister Nirmala Sitharaman stated that the G20 members have recognized India’s position regarding crypto assets.
G20 members discuss crypto regulations
The discussions on international architecture for crypto regulations are expected to be finished by September, when India will preside over the G20 summit. The Indian Finance minister stated that there is almost consensus that currency is not available outside of the Central bank in a press conference that took place at the end the First G20 Finance Ministers (FMCBG). Sitharaman said that India has been taking this position on crypto for a long time. This position is now being acknowledged by so many members. India has launched its own CBDC to combat the competition from cryptocurrencies.

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Sitharaman responded to a question about crypto regulations. He said that, while acknowledging the risks associated with private virtual assets, the G20 nations have taken a step closer towards developing a coordinated and comprehensive approach to dealing with them by taking into account macroeconomic and regulatory perspectives.

Financial stability is at risk with crypto assets: RBI Governor
The Governor of the RBI spoke out to say that there are many options for crypto regulations. He said that it was too early to predict the final architecture.

Das stated that there were many opinions that it should be controlled in order to prevent its proliferation and to reduce its risks. Some people suggested that the possibility of a ban or prohibition be considered. The Governor said that this is still a work in process.
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The RBI governor stated that cryptocurrency poses a number of major risks to financial stability, cyber security, and overall financial stability. The governor of the central bank had previously stated that cryptocurrencies will be the source of the next major financial crisis.

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