Cryptocurrencies were discussed at the G20 summit led by India this week. U.S. Treasury Secretary Janet Yellen emphasized the need for stricter cryptocurrency rules, rather than banning them outright. Shaktikanta Das, head of the Reserve Bank of India (RBI), says some members of the G20 are considering banning altogether.
Some G20 members propose a complete ban of cryptocurrencies
Shaktikanta Das, Chairman of the Reserve Bank of India (RBI), said that some members of the G20 have called to consider a complete ban of cryptocurrencies. Ahead of the G20 summit, India’s finance minister, Nirmala Sitharaman, had said that India’s position on cryptocurrencies would depend on G20 members.
On the sidelines of the G20 meeting on February 25, US Treasury Secretary Janet Yellen stressed the need for a strong regulatory framework. Yellen stated that more card rules are needed, and that the US does not propose any direct ban. A collective regulation request from India’s G20 to deal with the problems posed by cryptocurrencies like Bitcoin is expected to be completed soon.
Note this date
Discussions on the international architecture of crypto regulations are expected to be completed by September, when India will preside over the G20 summit. India’s Finance Minister said at a press conference at the end of the First G20 Finance Minister and Central Bank Governors (FMCBG) meeting that there is an almost clear understanding that nothing outside the Central bank is a currency. Sitharaman added that India has taken this stance on crypto for a very long time and this position has now received approval from many different members. India is launching its own CBDC with the aim of curbing competition of cryptocurrencies.
Answering a question about crypto regulations, Sitharaman said that, being aware of the risks to the cryptocurrency market, the G20 countries are one step closer to developing a coordinated and comprehensive policy approach to dealing with cryptocurrencies, taking into account macroeconomic and regulatory perspectives.
RBI Chairman: Cryptocurrencies put financial stability at risk
Speaking about crypto regulations, the Governor of the Reserve Bank of India said that multiple options are being considered. But it’s too early to talk about what the final architecture will be, he added.
Shaktikanta Das revealed that there are opinions that it should be regulated in order to control its spread and risks. Opinions were expressed that the option of ban or restriction should also be considered. However, he added that this is a work in progress.
The head of the RBI said there is broad acceptance that cryptocurrencies pose several major risks to financial stability, cybersecurity issues and overall financial stability. Das had previously said that the next major financial crisis will be driven by cryptocurrencies. cryptocoin.com You can take a look at India’s steps towards cryptocurrency regulations on this page.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram And YouTube join our channel!
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.