G20 members consider banning cryptocurrencies

Cryptocurrency Regulations: Reserve Bank of India (RBI) Governor Shaktikanta Das says some G20 members are calling for consideration of a total ban on cryptocurrencies. Ahead of the G20 summit, Indian Finance Minister Nirmala Sitharaman said India’s stance on crypto assets was recognized by G20 members.

G20 members discuss cryptocurrency regulations

Discussions on the international crypto regulation architecture are expected to be concluded by September when India will chair the G20 summit. At a press conference at the end of the first meeting of G20 finance ministers and central bank governors (FMCBG), India’s finance minister said there was an almost clear understanding that anything but the central bank is not a currency. Sitharaman added that India has been taking this stance on cryptography for a very long time, and that stance is now accepted by so many different members. In an attempt to fend off competition from cryptocurrencies, India is launching its own CBDC.

Responding to a question about crypto regulations, Sitharaman said that by recognizing the risks associated with private virtual assets, the G20 countries have moved a step closer to developing a coordinated and comprehensive policy approach to deal with crypto assets, taking into account the macroeconomic and regulatory perspectives.

Crypto Assets Threaten Financial Stability: RBI Governor

Speaking about cryptocurrency regulation, the RBI governor said that many options are being considered. However, he added that it is too early to talk about the final architecture.

Das revealed that there were views that it needed to be regulated in order to control and control its spread, to control the risks associated with it. There were opinions that the possibility of a ban or prohibition should also be considered. But it is in progress, the governor added.

The RBI governor said there is a broad acceptance that cryptocurrencies pose several serious risks to financial stability, cyber security issues and overall financial stability. The central bank governor has previously said that the next major financial crisis will come from cryptocurrencies.

Jai Pratap is a Crypto and Blockchain enthusiast with over three years of experience working with various major media houses. His current role at Coingape includes creating high-impact web articles, breaking news covers, and writing editorials. When he’s not working, you’ll find him reading Russian literature or watching a Swedish movie.

The content presented may contain the personal opinion of the author and is subject to market conditions. Before you invest in cryptocurrencies, do some market research. Neither the author nor the publication accepts any liability for personal financial losses.