Reserve Bank of India (RBI) has recognized that cryptocurrencies do not pose a threat to global financial stability, and gave the hope to change its tough stance against them. This writes Quartz India with reference to the report of the Central Bank.
In this RBI cited the findings of the financial stability Board (FSB), which brings together representatives of more than 20 world’s largest economies, including the US, China, Japan and India.
“The FSB has undertaken a review of financial stability risks associated with rapid growth of cryptoclub. The initial assessment is that currently, scriptactive do not pose a threat to global financial stability”, — quotes the edition of the RBI report.
FSB was established in 2009 by the Ministers of Finance and Central banks of the G20 countries after the global financial crisis. Although the Board’s recommendations are not legally binding for member countries, they, as a rule, they follow them to ensure compliance with international standards. Therefore, cryptologist India accepted the statement of the RBI with optimism, said Quartz India, though restrained.
This was facilitated by the review of the Central Bank, which indicated rather wait in the regulation of scriptaction.
“However, the market continues to develop rapidly, and the initial assessment could change if scriptactive will become more widely used or connected with the core of the regulated financial system,” said RBI.
The head of the local crypto currency exchange WazirX Nishal Shetty (Nischal Shetty) noticed the publication that, “sometimes the lack of regulation is not bad news.” According to him, the Indian authorities will expect of other countries participating in the FSB in the first place signals from US regulators.
Recall that the RBI and the government does not consider cryptocurrencies legal tender. Since July, in India there is a ban on banking companies of kryptonyte. The intergovernmental Commission, which will develop proposals for the regulation of the stock market, over the years several times to reschedule the publication of its findings. According to leaks to the press, the working group’s opinion varied from a complete ban of cryptocurrency to the laundering of assets according to strict rules.