G20: Some members said crypto ban should be considered, says RBI Governor Das

moneycontrol.com:

Some members of the G20 said during this week's discussions that a complete ban on crypto should be considered, Reserve Bank of India (RBI) Governor Shaktikanta Das said.

"There were opinions expressed saying that the option of a ban or prohibition should also be considered," Das said in Bengaluru on February 25 at the conclusion of the two-day meeting of finance ministers and central bank governors.

Moneycontrol had reported earlier on February 25 that finance ministry officials and central bankers from G20 countries were seemingly in agreement on regulating crypto assets, with a complete ban on them also on the table.

As part of this week's G20 meetings, India has proposed a joint technical paper by the International Monetary Fund (IMF) and Switzerland-based Financial Stability Board (FSB). This paper, as per a government statement, would "synthesise the macroeconomic and regulatory perspectives of crypto-assets" to help formulate policies for the crypto space.

Finance Minister Nirmala Sitharaman, who led the media briefing, said there was "almost a clear understanding" that anything issued by an entity other than the central bank was not a currency, although G20 members also recognised that the technology underpinning crypto is useful for financial technology.

Sitharaman also said that side events are proposed on crypto assets at the IMF-World Bank Spring Meetings in April in Washington. Further, in July, the FSB's paper on crypto assets regulation will be tabled so that it could be discussed at the next meeting of the finance ministers and central bank governors, to be held in Gandhinagar.

The IMF-FSB synthesis paper will be submitted in September, she added.

An ongoing discussion

The aforementioned synthesis paper of the