Wrapping up the two-day meeting of finance ministers and central bank governors, the RBI governor said some G20 members agreed to consider a A total ban on cryptocurrencies should be considered..
"Cryptocurrency ban should be considered"
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"There were opinions expressed saying that the option of a prohibition or prohibition should also be consideredRBI Governor Shaktikanta Das said in Bangalore over the weekend.
Officials from the ministry of finance and central bankers from The G20 countries were apparently in agreement on regulating crypto assets, with a complete ban on them also on the table.
As part of the G20 meetings, India has already proposed a joint technical document International Monetary Fund (IMF) and the Swiss-based Financial Stability Board (FSB). This document, according to a government statement, would โsynthesise the macroeconomic and regulatory outlook for crypto assetsโ to help formulate policy for the crypto space.
Also read: "2023 will be worse than 2022," says IMF's Gita Gopinath
IMF-FSB document on cryptography
Indian Finance Minister Nirmala Sitharamanwho led the briefing, said there was "an almost clear understanding" that anything issued by an entity other than the central bank was not a currency, although G20 members also acknowledged that the technology behind cryptography is useful for fintech.
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Sitharaman said that side events on crypto assets proposed at the Spring Meetings of the IMF and the World Bank in April in Washington, according to a money control report. Also, in July, the FSB document on crypto asset regulation will be presented so that it can be discussed at the next meeting of finance ministers and central bank governors, which will be held in Gandhinagar.
The IMF-FSB synthesis paper will be released in September 2023, it added.
The aforementioned summary document of the IMF and FSB will form the basis for further discussions to develop an international architecture on cryptography, RBI Governor Das saying.
"But this is a work in progress. Let's see, let's wait for the discussions to progress and see how it plays out," Das said.
Also read: Countries where cryptocurrencies are currently banned
"Countries are expected to follow what the G20 decides"
He The RBI governor said that the G20 discussions showed that there was broad recognition and acceptance of the fact that cryptocurrencies are a significant risk to financial stability. and monetary systems with consequent cyber security problems.
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"In any case, ultimately, each country is a sovereign country. Countries will make their decisions. But once something is agreed in the G20Naturally, countries would generally be expected to follow whatever position is agreed upon."
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