Cryptocurrency Enthusiasm Muted: RBI Governor

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Contrary to initial enthusiasm, G20 countries are currently very cautious and concerned about cryptocurrencies, Reserve Bank of India (RBI) Governor Shaktikanta Das said in Gandhinagar on Tuesday.

Countries’ earlier enthusiasm about crypto, which they thought was a great innovation, is now completely snuffed out… Everyone realized that there were huge risks . So there is a lot of caution and concern about cryptocurrencies, Das said while speaking to the media after the conclusion of the third meeting of G20 Finance Ministers and Central Bank Governors (FMBCG). The RBI Governor was co-chairman of the two-day meeting with Union Finance Minister Nirmala Sitharaman.

During the meeting, the Indian presidency submitted a presidency note to G20 members setting out important inputs for a crypto assets roadmap.

The roadmap, which will be part of a larger synthesis document, will support a coordinated and comprehensive policy and regulatory framework taking into account all risks, in particular those specific to emerging markets and developing economies (EMDE) and the ongoing global implementation of Financial Action Task Force (FATF) standards to combat money laundering and terrorist financing risks. The G20 is now looking forward to receiving the IMF-FSB (Financial Stability Board) position paper, as well as the roadmap, ahead of the leaders’ summit in September 2023, Sitharaman said.

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