RBI Governor Says G20 Summit Members to Plan Crypto Ban
- As per the Indian finance minister, G20 members have acknowledged India’s stance on crypto.
- India will introduce its own CBDC to fend off competition from cryptocurrencies.
Shaktikanta Das, the governor of the Reserve Bank of India (RBI), asserts that some G20 members want to consider outright banning cryptocurrencies. Officials from the G20’s finance ministries and central bankers appeared to be in accord about regulating the digital currency.
As per the report, the G20 summit, which India will host in September, is anticipate to conclude the discussions on the global framework for cryptocurrency regulations. India has already submitted a joint technical document from the IMF. And also the Financial Stability Board, a Swiss organization, as part of the G20 meetings (FSB).
According to certain sources, India will introduce its own CBDC to fend off competition from cryptocurrencies. The RBI Governor says different alternatives are being thought about when it comes to cryptocurrency regulations. But he noted that it is still too early to speculate about the final architecture.
The governor of the RBI mentioned that it is widely accepted that cryptocurrencies pose several significant risks to financial stability, cyber security. And also general financial stability. Earlier, the governor of the central bank had predicted that cryptocurrencies would be the cause of the next significant financial catastrophe.
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