The Reserve Bank of India (RBI) is planning to use its presidency of the Group of 20 (G-20) nations to raise concerns about the macro risks posed by cryptocurrencies.
In its annual report published on Tuesday, the RBI said that it intends to “expand the G-20 crypto asset narrative beyond financial stability and financial integrity concerns to capture the macro-financial and cross-sectoral implications and risks of crypto assets.”
The RBI has long been a vocal critic of cryptocurrencies, and it has warned that they pose a “material threat to financial stability.” The central bank has also expressed concerns about the use of cryptocurrencies for money laundering and other illegal activities.
The G-20 is a forum of finance ministers and central bankers from the world’s 20 largest economies. It is seen as a key forum for international cooperation on financial regulation.
The RBI’s decision to focus on crypto’s macro risks is likely to be welcomed by some countries, such as China, which have banned cryptocurrencies altogether.
However, it is also likely to be met with resistance from countries, such as the United States, which have taken a more laissez-faire approach to regulating cryptocurrencies.
The RBI’s move is a sign that the debate over cryptocurrencies is becoming increasingly globalized. As cryptocurrencies become more popular, it is likely that more countries will take steps to regulate them.