RBI’s views on crypto gets support from most G20 members

New Delhi, July 25 (KNN) A majority of G20 countries have expressed their agreement to Reserve Bank of India’s (RBI) opinion on cryptocurrencies stating that it could pose huge risks to the stability of the financial system, reported HT.

These countries may work to institutionalise an internationally-accepted regulatory framework for crypto-assets while allowing individual jurisdictions to impose stricter regulations beyond that minimum threshold, even a complete ban.

Three persons aware of the matter told HT that the initial enthusiasm shown by some countries with regard to cryptocurrencies has now waned as most of them have realised the macroeconomic risks and other challenges associated with them.

This was discussed at the third meeting of the G20 Finance Ministers and Central Bank Governors (FMCBG) held last week in Gandhinagar.

During the meet many countries expressed concerned about the recent collapse of crypto exchanges and risks of cryptos being used for drug trafficking, terror funding and money laundering.

In November 2022, FTX, the second largest cryptocurrency exchange of the world collapsed, affecting over 1 million investors.  (KNN Bureau)