• Login
Crypto Newsmart
No Result
View All Result
  • HOME
  • BITCOIN
  • CRYPTO UPDATES
    • ALTCOIN
    • ETEREUM
    • NFT’s
    • CRYPTO PRICE ANALYSIS
  • LEARN CRYPTO
  • CRYPTO EXCHANGES
  • BLOCKCHAIN
  • MINING
  • SCAM ALERT
  • PRESS RELEASE
  • HOME
  • BITCOIN
  • CRYPTO UPDATES
    • ALTCOIN
    • ETEREUM
    • NFT’s
    • CRYPTO PRICE ANALYSIS
  • LEARN CRYPTO
  • CRYPTO EXCHANGES
  • BLOCKCHAIN
  • MINING
  • SCAM ALERT
  • PRESS RELEASE
No Result
View All Result
Crypto Newsmart
No Result
View All Result

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

5 months ago
in Crypto Updates
Reading Time: 4 mins read
Developing Global Crypto Regulation Is a Priority for G20 Under India’s Presidency – Regulation Bitcoin News
21
VIEWS
Share on Facebook

The Reserve Bank of India (RBI) says one of the priorities for the G20 under India’s presidency is to “develop a framework for global regulation, including the possibility of prohibition, of unbacked crypto assets, stablecoins, and defi.” The Indian central bank warned that “turmoil in crypto assets market” is among “the major risks that can potentially undermine global financial stability.”

Indian Central Bank on Crypto Regulation

India’s central bank, the Reserve Bank of India (RBI), released its Financial Stability Report (FSR) for December on Thursday. The 172-page report includes discussions on crypto assets, 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 states. “To promote responsible innovation and to mitigate financial stability risks in crypto ecosystem, it is vital for policymakers to design an appropriate policy approach.” The Indian central bank continued:

In this context, under India’s G20 presidency, one of the priorities is to develop a framework for global regulation, including the possibility of prohibition, of unbacked crypto assets, stablecoins, and defi.

The central bank named “turmoil in crypto assets market” one of “the major risks that can potentially undermine global financial stability.” The RBI also said crypto assets are highly volatile, “exhibit high correlations with equities,” and have fallen as inflation rose.

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

G20 Members to Discuss Crypto Regulation

Ajay Seth, India’s economic affairs secretary, said earlier this month that the G20 members aim to build a policy consensus on crypto assets for better global regulation. Indian Finance Minister Nirmala Sitharaman said in October that crypto will be part of India’s agenda during its G20 presidency, adding that she hopes a technology-driven regulation framework for crypto assets will be established.

The members of the Group of 20 (G20) are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, the Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the U.K., the U.S., and the European Union. The group represents around 85% of the world’s GDP.

India’s central bank, however, has repeatedly recommended banning all non-state-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 collaboration.

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

Kevin 200x200 closeup
Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

 

 

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

More Popular News

In Case You Missed It

Source link

Is crypto the future?

Tags: BitcoinCryptoDevelopingG20GlobalIndiasNewsPresidencyPriorityRegulation

Related Posts

Want to Become an Ethereum Validator? You Have to Wait 45 Days and Here’s Why
Crypto Updates

Want to Become an Ethereum Validator? You Have to Wait 45 Days and Here’s Why

4 June 2023
Privacy-focused Aleo blockchain gets new wallet as mainnet launch approaches
Crypto Updates

Privacy-focused Aleo blockchain gets new wallet as mainnet launch approaches

2 June 2023
IRS Can Access Your Coinbase Trade Records, John Doe Summons Valid
Crypto Updates

IRS Can Access Your Coinbase Trade Records, John Doe Summons Valid

1 June 2023
Debt Default – How Bitcoin and Ethereum Could Be Affected- Cryptonewsmart
Crypto Updates

Debt Default- How Bitcoin and Ethereum Could Be Affected- Cryptonewsmart

30 May 2023
6 Meme Coins that reach 100x within a week
Altcoin

6 Meme Coins that reach 100x within a week

9 May 2023
Bali Warns Tourists Against Using Crypto for Payments
Crypto Updates

Bali Warns Tourists Against Using Crypto for Payments

30 May 2023


  • Trending
  • Comments
  • Latest
Breaking Barriers: How Bitcoin Can Transform The Real Estate Industry

Breaking Barriers: How Bitcoin Can Transform The Real Estate Industry

2 June 2023
Ethereum (ETH) Price on Cusp Of Major Breakout

Ethereum (ETH) Price on Cusp Of Major Breakout

2 June 2023
Logic Error in Latest NFT Contract Costs ben.eth 100 ETH in Potential Profits

Logic Error in Latest NFT Contract Costs ben.eth 100 ETH in Potential Profits

2 June 2023
Should A Bitcoin Wallet Have Rights?

Should A Bitcoin Wallet Have Rights?

1 June 2023
Memorial Day Reflections: Reinvigorating Critical Thought, Bitcoin Can Honor Service Members

Memorial Day Reflections: Reinvigorating Critical Thought, Bitcoin Can Honor Service Members

29 May 2023
Want to Become an Ethereum Validator? You Have to Wait 45 Days and Here’s Why

Want to Become an Ethereum Validator? You Have to Wait 45 Days and Here’s Why

4 June 2023
Privacy-focused Aleo blockchain gets new wallet as mainnet launch approaches

Privacy-focused Aleo blockchain gets new wallet as mainnet launch approaches

2 June 2023
Logic Error in Latest NFT Contract Costs ben.eth 100 ETH in Potential Profits

Logic Error in Latest NFT Contract Costs ben.eth 100 ETH in Potential Profits

2 June 2023
Breaking Barriers: How Bitcoin Can Transform The Real Estate Industry

Breaking Barriers: How Bitcoin Can Transform The Real Estate Industry

2 June 2023
Ethereum (ETH) Price on Cusp Of Major Breakout

Ethereum (ETH) Price on Cusp Of Major Breakout

2 June 2023

  • Home
  • Disclaimer
  • Privacy Policy
  • Digital Millennium Copyright Act Policy (DMCA)
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us
CRYPTO NEWSMART

Copyright © 2021 Crypto Newsmart.

No Result
View All Result
  • HOME
  • BITCOIN
  • CRYPTO UPDATES
    • ALTCOIN
    • ETEREUM
    • NFT’s
    • CRYPTO PRICE ANALYSIS
  • LEARN CRYPTO
  • CRYPTO EXCHANGES
  • BLOCKCHAIN
  • MINING
  • SCAM ALERT
  • PRESS RELEASE

Copyright © 2021 Crypto Newsmart.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Manage Cookie Consent

We use cookies to optimise our website and our service.

Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
Manage options Manage services Manage vendors Read more about these purposes
Preferences
{title} {title} {title}