RBI hints at banning unbacked crypto assets, stablecoins and DeFi
By MYBRANDBOOK
The Reserve Bank of India (RBI) has stressed that under India's G20 presidency, one of the priorities is to develop a framework for global regulation, including the possibility of prohibition of unbacked crypto assets, stablecoins and DeFi (Decentralised Finance).
The central bank in its latest Financial Stability Report (FSB) said that crypto assets are highly volatile.
"The collapse and bankruptcy of the crypto exchange FTX and subsequent sell-off in the crypto assets market have highlighted the inherent vulnerabilities in the crypto ecosystem," according to the report.
The report's recommendations seek to promote international consistency on regulatory and supervisory approaches, which are grounded in the principle of "same activity, same risk, same regulation" approach.
"The framework proposes that authorities should have appropriate powers, tools and resources to regulate, supervise, and oversee crypto assets activities and markets, both domestically and internationally, proportionate to the financial stability risk they pose," the RBI report mentioned.
Furthermore, the RBI report said that “contrary to claims that they are an alternative source of value due to inflation hedging benefits, crypto assets value has fallen even as inflation rose."
"To address potential future financial stability risks and to protect consumers and investors, it is important to arrive at a common approach to crypto assets," said the Central Bank.
Only last week, the RBI Governor Shaktikanta Das said that the next financial crisis will come from crypto collapse if private digital coins are allowed to grow.
The RBI has also last month kick-started a pilot project to launch its own digital rupee in the wholesale segment and subsequently plans to roll out another one in the retail segment within a month, with an aim to enhance financial inclusion and move towards a less cash economy with its central bank digital currency (CBDC).
Meanwhile, the government's bill that seeks to prohibit all private cryptocurrencies in India is yet to be tabled in the Parliament.
BREAKING NEWS
TECHNO TRENDS
Nazara and ONDC set to transform in-game monetization with ‘
Nazara Technologies has teamed up with the Open Network for Digital Comme...
Jio Platforms and NICSI to offer cloud services to government
In a collaborative initiative, the National Informatics Centre Services In...
BSNL awards ₹5,000 Cr Project to RVNL-Led Consortium
A syndicate led by Rail Vikas Nigam Limited (abbreviated as RVNL), along wi...
Pinterest tracks users without consent, alleges complaint
A recent complaint alleges that Pinterest, the popular image-sharing platf...
E-Magazine
TECHNOTAINMENT
Netflix adds 'Moments' feature for saving, sharing scenes from
Netflix has introduced a new “Moments” feature on its mobile app, whic
Jacqueline Fernandez come together with YouTuber Mr. Beast for
Jacqueline Fernandez has partnered with American YouTuber Mr. Beast to b
MOVERS & SHAKERS
Visa elevates Rishi Chhabra as new Country Manager for India
Rishi holds a Master’s in Industrial Engineering from The Ohio State Univ
Genesys welcomes Albert Nel as Senior VP and Regional Sales Le
Genesys continues to deepen its investment in the APAC region. Earlier this
OPEN YOUR EYES
INTERVIEWS
Acer addresses evolving customer needs by consistently pushing
Acer offers a comprehensive range of products under one roof, including des
Alcatel-Lucent Enterprise Carrying a 100 year legacy ahead
A good amount of R&D works and global support services are operated out of
HOT PICK
SonicWall Launches TZ80: A Powerful Solution for Remote Office
SonicWall announced today the launch of the TZ80, a groundbreaking securit
Gigabyte X3D Turbo: A Gaming Revolution
GIGABYTE X3D Turbo Mode is a cutting-edge feature that unifies cores distr
MAKE IN INDIA BRANDS
DRUVA SOFTWARE PVT. LTD.
HIMACHAL FUTURISTIC COMMUNICATIONS LTD.
LUMINOUS POWER TECHNOLOGIES PVT. LTD.
EXATRON SERVERS MANUFACTURING PVT. LTD.
EMINENT CIO'S OF INDIA
ICONS OF INDIA
ICONS OF INDIA : RISHAD PREMJI
Rishad Premji is Executive Chairman of Wipro Limited, a $11.3 billion ...
Icons Of India : NIKHIL RATHI
Co-founder & CEO of Web Werks, a global leader in Data Centers and Clo...
Icons Of India : CP Gurnani
Former Managing Director and CEO of the well-known IT service company ...
PARTNER SPEAKERS
PSU
PFC - Power Finance Corporation Ltd
PFC is a leading financial institution in India specializing in power ...
ITI - ITI Limited
ITI Limited is a leading provider of telecommunications equipment, sol...
GeM - Government e Marketplace
GeM is to facilitate the procurement of goods and services by various ...
VIDEOS
Top 25 Brands
Global Indian industry
Indian Tech Talent Excelling The Tech World - ANJALI SUD, CEO – Tubi
Anjali Sud, the former CEO of Vimeo, now leads Tubi, Fox Corporation...
Indian Tech Talent Excelling The Tech World - Dheeraj Pandey, CEO, DevRev
Dheeraj Pandey, Co-founder and CEO at DevRev , has a remarkable journe...
Indian Tech Talent Excelling The Tech World - Shantanu Narayen, CEO- Adobe Systems Incorporated
Shantanu Narayen, CEO of Adobe Systems Incorporated, is renowned for h...
STARNITE AWARDS 2024
ITFORUM 2024
CMO of the Year
WOMEN LEADERSHIP
IMAGE GALLERY
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
