Wide acceptance in G20 FMCBG meeting that Crypto Assets are major risks to financial stability, says RBI governor

Sakshi Education

In the first major ministerial engagement under G20, where, India welcomed the debate on Crypto Assets proposing regulations and a policy perspective on the use of Crypto Assets.
There is almost a clear understanding that anything not backed by the central bank is not currency and this is the position that India has been taking for a very long time.
Meanwhile, Reserve Bank of India (RBI) governor Shaktikanta Das told the media that there is now wide recognition and acceptance of the fact that Crypto-currencies or Assets are major risks to financial stability, monetary systems and cyber security.
During the FMCBG meeting delegates took interest in the central bank digital currency (CBDC) pilot projects in some countries, including India.
Crypto currency is a digital currency in which transactions are verified and records maintained by a decentralized system using cryptography, instead of a centralized authority.

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