Bank of India report calls for regulatory coordination on crypto market challenge

The Reserve Bank of India's financial stability report is negative about cryptocurrency and reminds the world that India is looking for global action on crypto regulations.

The Reserve Bank of India (RBI) has expressed concerns about the burgeoning crypto ecosystem and suggested parts of it could be banned.

The latest RBI financial stability report express on Dec 29 that the Central bank said it would use its rotating presidency of the G20 group of the world's largest economies to call for the development of a global regulatory framework of crypto assets.

The Indian economy and domestic financial system remain resilient the tone changed drastically in its discussion of crypto as it highlighted a familiar laundry list of crises that struck 2022.

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