According to the Reserve Bank of India, one of the priorities of India’s G20 presidency is to develop a framework for global regulation, including the possibility of prohibiting unbacked crypto assets, stablecoins, and DeFi. To address potential future financial stability risks and protect consumers and investors, the central bank says in its Financial Stability Report that a common approach to crypto assets is critical. According to the banking regulator, it is critical for policymakers to design an appropriate policy approach to mitigate financial stability risks in the crypto ecosystem. “Internationally, various options are being considered in this context,” RBI mentioned in the report.
