Under G20 Presidency
The Central Bank of India wants global crypto regulation. In addition to bans on DeFi and stablecoins, the financial institution describes the crypto market as a major risk.
- According to the Reserve Bank of India (RBI), one of the priorities for the G20 presidency is the development of global crypto regulation.
- Among other things, this includes examining the “possibility of banning unsecured crypto assets, stablecoins and DeFi”.
- The central bank warns that “crypto asset market turbulence” is among “the greatest risks that could potentially undermine global financial stability.”
- In which 172-page report it is emphasized: “Regulating new technologies and business models after they have grown to a systemic level is a challenge.”
- The report further notes that the collapse of crypto exchange FTX and subsequent sell-offs in the crypto market “have exposed inherent vulnerabilities in the crypto ecosystem.”
- The G20 member states met back in October to discuss global crypto standards.
- After an initially optimistic crypto policy, India has recently increasingly relied on tough regulation. More about this here.
- Numerous voices call effective regulation the catalyst for the next bull rally.
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