Reserve Bank of India: Cryptocurrencies do not threaten global financial stability

“Cryptocurrencies do not threaten global financial stability,” the country’s Reserve Bank (RBI) reports in its report. Quartz India writes that in connection with this statement there are prerequisites for suggesting a quick change of a tough position on cryptoactive assets to a more loyal one.

In its report, the Central Bank of India cites the findings of the Financial Stability Board (FSB), which includes representatives of more than 20 of the world’s largest economies, including the United States, Japan, India and China.

“FSB has analyzed the possible risks to financial stability associated with the rapid development of cryptocurrency. After evaluating all aspects, an initial conclusion can be made that the new class of digital assets does not pose any threat to global financial stability, ”the RBI report says.

However, the Central Bank of India called for caution, as he himself decided to take a wait policy on cryptocurrencies. “The market is still developing rapidly, and this is only an initial assessment that may change, especially if digital assets cover a wider range of uses.”

FSB was established in 2009 by finance ministers and representatives of central banks of the G20 countries after the global financial crisis. The recommendations of the council are not a call to action, but only advise to pay attention to any issue, but the member states most often follow them to comply with international standards. In this regard, the cryptocurrency community is optimistic about the RBI statement, albeit rather restrainedly.

The head of the local cryptocurrency exchange WazirX Nishal Shetty (Nischal Shetty) noted that the lack of regulation does not always negatively affect the ecosystem. He believes that the Indian authorities will not take any drastic measures and will wait for the decisions of other FSB member countries, and first of all – the signals from US regulators.

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