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Bank of India report calls for regulatory coordination on crypto market challenges

Published 12/29/2022, 02:45 PM
Updated 12/29/2022, 04:20 PM

The Reserve Bank of India (RBI) has appealed to the country’s presidency of the G20 group of the world’s 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.

The report was generally upbeat about current conditions in the country, despite “strong global headwinds,” saying, “the Indian economy and domestic financial system remain resilient.” The tone changed drastically in its discussion of crypto, however, as it highlighted a familiar laundry list of crises that struck the cryptoverse in 2022. It noted crypto’s volatility, high correlation with equities and its inadequacy as a hedge against inflation, as well as issues with governance, and added:

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Latest comments

This is coming from a country that wants to put a flat 30% tax on it, they dont even understand how to approach it let alone throw in opinions about any sort of regulations.
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