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India's Central Bank Aims to Expand Global Crypto Narrative Beyond Financial Stability and Integrity

The Reserve Bank of India (RBI) has stated in its annual report that it aims to broaden the global conversation around cryptocurrencies to include the macro-financial and cross-sectoral implications and risks of crypto-assets, rather than just their impact on individual nations and customers. This move is intended to draw attention to how crypto can potentially harm or transform the global economy. The RBI has reiterated its concerns that cryptocurrencies pose a significant threat to financial stability, but has also articulated its "intent" as a key stakeholder in the current global conversation around global crypto rules. India, as the current president of the Group of 20 (G-20) nations, has the power to set the agenda, and the RBI is helping the Finance Ministry to shape it.

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