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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Published date : 27 Feb 2023 03:53PM