RBI Statement: Developing Global Crypto Regulation is a Priority for G20 Under India’s Presidency

India assumed the presidency of the G20 on December 1st 2022 from Indonesia and will convene the G20 Leaders’ Summit for the first time in the country in 2023. India has promised many global solutions with one motto of “Vasudaiva Kutumbakam” (The Whole World Is My Family).

RBI is considering banning, regulating or imploding cryptocurrency with the G20 presidency in mind. India even imposed restrictions on bitcoin and at the same time imposed capital controls.

The RBI is prioritizing creating a global framework for cryptocurrency assets. This framework may include the possibility of banning certain types of cryptocurrencies, such as those that are not backed by assets, “stablecoins,” and decentralized finance systems.

“The collapse and bankruptcy of the crypto exchange FTX and subsequent sell-off in the crypto assets market have highlighted the inherent vulnerabilities in the crypto ecosystem…”

-RBI’s statement

Many questions regarding cryptocurrency have already been answered by the Ministry of Finance. Click here to know about it.