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India to explore prohibition of unbacked crypto in its G20 presidency



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India said on Thursday that under its ongoing G20 presidency, it will prioritize the development of a framework for global regulation of unbacked crypto assets, stablecoins and decentralized finance and will explore the “possibility of [their] prohibition” in a potentially large setback for the nascent industry.
India began its year-long presidency of the Group 20 early this month. The group, which comprises 19 nations across continents and the EU, represents 85% of the world’s GDP. It also invites non-member countries including Singapore and Spain and international organizations such as World Bank and the IMF.
The Reserve Bank of India, the Indian central bank, said in a report today tha …

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