{"id":168967,"date":"2022-12-29T21:26:06","date_gmt":"2022-12-29T21:26:06","guid":{"rendered":"https:\/\/precoinnews.com\/?p=168967"},"modified":"2022-12-29T21:26:06","modified_gmt":"2022-12-29T21:26:06","slug":"bank-of-india-report-calls-for-regulatory-coordination-on-crypto-market-challenges","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/bank-of-india-report-calls-for-regulatory-coordination-on-crypto-market-challenges\/","title":{"rendered":"Bank of India report calls for regulatory coordination on crypto market challenges"},"content":{"rendered":"

The Reserve Bank of India (RBI) has appealed to the country\u2019s presidency of the G20 group of the world\u2019s largest economies as a pulpit to call for the development of a global regulatory framework for crypto assets. In its latest financial stability report, released Dec. 29, the bank again expressed its concerns about the burgeoning crypto ecosystem and suggested parts of it could be banned.<\/p>\n

The report was generally upbeat about current conditions in the country, despite \u201cstrong global headwinds,\u201d saying, \u201cthe Indian economy and domestic financial system remain resilient.\u201d The tone changed drastically in its discussion of crypto, however, as ithighlighted a familiar laundry list of crises that struck the cryptoverse in 2022. It noted crypto\u2019s volatility, high correlation with equities and its inadequacy as a hedge against inflation, as well as issues with governance, and added:<\/p>\n

\u201cLeverage is a constant theme running across the crypto ecosystem, making failures rapid and losses huge and sudden.\u201d<\/p><\/blockquote>\n

Be that as it may, rising prices in that ecosystem drive crypto\u2019s popularity, especially in the \u201cyounger segment of the population.\u201d The report concluded:<\/p>\n

\u201cTo address potential future financial stability risks and to protect consumers and investors, it is important to arrive at a common approach to crypto assets.\u201d<\/p><\/blockquote>\n

The report saw three options for crypto regulation. The first was \u201cthe same-risk-same-regulatory-outcome principle.\u201d Second, it suggested the possibility of a prohibition of crypto assets \u201csince their real-life use cases are next to negligible.\u201d This option would be complicated by \u201cdifferent legal systems and individual rights vis-\u00e0-vis<\/em> state powers\u201d globally. A third option, \u201clet it implode\u201d without regulatory action, was considered too risky for mainstream finance topursue. The report noted that:<\/p>\n

\u201cUnder India\u2019s G20 presidency, one of the priorities is to develop a framework for global regulation, including the possibility of prohibition, of unbacked crypto assets, stablecoins and DeFi.\u201d <\/p><\/blockquote>\n

Related: Crypto could spark the next financial crisis, says India\u2019s RBI head<\/em><\/strong><\/p>\n

Crypto regulation was a G20 priority for India from the beginning of its presidency. Despite the government\u2019s generally negative position on cryptocurrency, there are an estimated 115 million users in India. The RBI is more bullish on central bank digital currency. India also has one of the world\u2019s largest Web 3 workforces. <\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The Reserve Bank of India (RBI) has<\/p>\n","protected":false},"author":3,"featured_media":168966,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nBank of India report calls for regulatory coordination on crypto market challenges - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/crypto\/bank-of-india-report-calls-for-regulatory-coordination-on-crypto-market-challenges\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bank of India report calls for regulatory coordination on crypto market challenges - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"The Reserve Bank of India (RBI) has\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/crypto\/bank-of-india-report-calls-for-regulatory-coordination-on-crypto-market-challenges\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2022-12-29T21:26:06+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2022\/12\/Bank-of-India-report-calls-for-regulatory-coordination-on-crypto-market-challenges.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/crypto\/bank-of-india-report-calls-for-regulatory-coordination-on-crypto-market-challenges\/\",\"url\":\"https:\/\/precoinnews.com\/crypto\/bank-of-india-report-calls-for-regulatory-coordination-on-crypto-market-challenges\/\",\"name\":\"Bank of India report calls for regulatory coordination on crypto market challenges - 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