India: FSB Says Cryptocurrency Isn't A Threat
Financial Stability Board |(FSB) is an inter-governmental body that makes recommendations about world economy, especially concerning the financial systems. It has said recently that cryptocurrencies are not a threat.
India is part of the 20 member countries that are part of the FSB. According to QZ:
The FSB has undertaken a review of the financial stability risks posed by the rapid growth of crypto-assets. Its initial assessment is that crypto-assets do not pose risks to global financial stability currently.
The market continues to evolve rapidly, however, and this initial assessment could change if crypto-assets were to become more widely used or interconnected with the core of the regulated financial system, RBI was quoted by QZ.
India or any of the member countries are under no obligation to follow FSB's recommendation but I think in light of the policies of the Indian central bank, this comes as a positive news.
The FSB was established in 2009 by finance ministers and central bankers from G-20 nations in the aftermath of the global financial crisis.
It's quite ironic that Bankers caused the global financial crisis and yet bankers will decide how to avert the next one eh?
Anyway, even USA hasn't made clear policies on cryptocurrencies yet so I think India will wait and watch these countries and then decide.
In any case, we need more positive news such as this to drive the market forward in the days to come.
You can find more information about FSB here
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That is huge news for Indian crypto enthusiasts. I believe that more positive news will come no sooner or later for Indian market.
Well our government always plays wait and watch game ...they see, they measure, they calculate, they understand and then they apply the logic to make it beneficial either to general public or to themselves. So the situation is similar they still keeping everything under observation from different countries....
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Thank for updates.
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Thanks for the updates, I had also read this peace of news about the recommendation of FSB,but it can't force any G20 nations to abide by its recommendations.Our country is observing other countries activities in this case.So it may be positive news for us in near future,we can now apply wait and watch policy only.
@firepower, In my opinion, Centralised System is always tricky and if we see and observe, any aspect which is helpful for the common people, always have to face the tough times but in some cases big decisions took in overnight and due to that whole nation got affected very badly. Let's hope that soon Cryptocurrencies will adopted in full-fledged way. Stay blessed brother. 🙂
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